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Bluestone lifts proc fees as part of product overhaul

  • 24/05/2017
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Bluestone lifts proc fees as part of product overhaul
Bluestone Mortgages has completed a revamp of its residential and buy to let product range, including new and reintroduced products, rate cuts and an increased procuration fee.

The lender also added two underwriters and two telephone-based business development managers to support field-based account managers.

A five-year fixed rate loan starting at 4.20% has been added and Bluestone has also reintroduced several loans: its individual voluntary arrangement and bankruptcy products and an 85% loan to value (LTV) residential mortgage.

Maximum and minimum loan values have been extended to £1m and £50,000 respectively, while the minimum property value to qualify has been reduced to £75,000

All existing rates have also been cut, with a three-year fix-rate 60% LTV starting at 3.93%, while the lender’s procuration fee has been increased from 0.4% to 0.5%.

All changes come into effect this week.


Underserved market

Bluestone Group CEO Peter McGuinness (pictured) said the lender was focused on providing appropriate finance solutions to consumers who were currently underserved or who had been excluded by mainstream lenders.

“Giving brokers the support and resource they need to best serve their clients remains a core priority for Bluestone,” he said.

“By strengthening our service team and bolstering our underwriting capabilities, we are confident that these new improvements will be attractive for both our brokers and customers alike.”


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