The enhanced criteria will allow customers with any number of defaults within the IVA to secure a mortgage with Bluestone.
Any defaults, regardless of the number or value, that are included within the IVA will not be independently assessed when determining which product will be available from Bluestone’s range.
Solutions are available for a wide variety of customers with credit issues, including those currently in an Individual Voluntary Arrangement.
Steve Seal, director of sales and marketing at Bluestone Mortgages (pictured), said that these changes create a fairer way of classifying mortgage applications, whilst making homeownership a reality for any borrowers who have been issued with an IVA in the past.
He added: “We lend to borrowers who have clearly shown a commitment to rectifying their finances.
“A few missed credit payments as a result of an illness, accident, or unexpected bill should not mean borrowers are completely ousted from owning a home, and we hope this update will help us in our continual aim of giving these customers the funding and support they need.”
Chief executive officer at Brightstar, Rob Jupp, said: “Through our growing partnership with Bluestone, we will continue to work together to ensure more customers’ needs are met and a fairer system is in place for those who require an extra helping hand.”