The relaunch follows a reduction to 75 per cent LTV in June which was implemented to allow Bluestone to maintain service levels for its intermediary partners and customers, following unprecedented demand.
Reece Beddall, sales and marketing director, Bluestone Mortgages, said: “After making proactive changes to our maximum LTV lending in June, we’re delighted to relaunch at 85 per cent LTV in such a short space of time. The fact we have relaunched ahead of schedule is a testament to the team’s hard work and passion to provide the solutions the complex credit market needs, along with a first-rate service to our brokers and end-customers.
Adam Hinder, managing director, with adviser Simply Adverse, said: “We are delighted to see a key strategic partner in Bluestone returning to the market at 85 per cent LTV. The flexibility that the range will now provide in addition to the communicated increases in turnaround times will support our clients’ aspirations of homeownership.”
Stephanie Charman, head of strategic relationships, Sesame Bankhall Group, said: “The demand for specialist lending has accelerated as a result of the pandemic as people’s financial needs become more complex. Bluestone’s relaunch to 85 per cent demonstrates its commitment to supporting the needs of this growing cohort of customers, no matter how complex or unique.”
Bluestone Mortgages is the residential lending arm of Bluestone Group, a European specialist lending and fintech business with its headquarters in Cambridge and offices in London, Sheffield and Dublin.
Founded in 2000, investors in the lender include Australia’s Macquarie Bank, interests associated with Bluestone’s founder and chairman, Alistair Jeffery, and the management team and staff.
Bluestone’s other businesses include Fignum, its fintech start-up, Bluestone Credit Management, and Bluestone Motor Finance in Ireland.
In June, the lender exclusively spoke to Mortgage Solutions to detail the reasons behind its step back from the high LTV lending market after a rate increase in a bid to manage service levels.
At that time, specialist lender Bluestone’s managing director Steve Seal (pictured) said the City of London-headquartered lender would return to 85 per cent LTV lending within two months after ‘breathing space’ to regulate and maintain quality service levels.