Bluestone mortgage lending hits £250m

Despite this the firm reported net losses of £2.42m, though this was a reduction of 37 per cent on the losses reported the year before.

It said it is on track to report a profit this year, with gross margins at more than four per cent and arrears representing less than one per cent of its book.

The lender has also seen a sharp increase in staff numbers, rising 58 per cent to 49, with a new office opening in Sheffield to supplement its London operations.

Alistair Jeffery, founder and group chairman, said there had been a “very solid lift” in new loan levels, with growth continuing in this financial year, despite the “Brexit headwinds”.

Steve Seal (pictured), managing director of Bluestone Mortgages, added: “We’re delighted with the strong lift in volumes, driven in large part by the support of our broker network and their adoption of our uniquely flexible mortgage products, the continued development of Bluelink, our proprietary loan application platform and a relentless focus on service levels.”

The lender completed its first securitisation last month, raising £210m.