The product offers a £500 contribution to solicitors’ costs, which will help customers looking to consolidate debt, transfer equity or those unencumbered properties.
The credit tiers include clear, AAA, AA, A, BBB and these range from borrowers with minor credit issues such as one satisfied default in the last three years to those with four defaults in the same period.
Rates start from 4.1 per cent at a loan to value (LTV) of 60 per cent, and is available on two, three and five-year fixed rate terms.
Like-for-like remortgages and capital raising are eligible for the lender’s free legal process, and it comes with no application costs and free valuation.
Reece Beddall (pictured), sales and marketing director at Bluestone Mortgages, said: “We’re delighted to launch our first ever cashback remortgage product range. With many customers struggling with the financial challenges brought on by the pandemic and the rising cost of living, this has led to a rise in the number of missed payments and therefore increased debt.
“This product will give these customers the opportunity to consolidate these debts, as the cashback available will help with the payment of disbursements often required during the debt consolidation process.”
The lender has been expanding its range, bringing out a right to buy range and relaunched its Help to Buy offering. It has also relaunched residential mortgages at 85 per cent LTV.
Additionally, Bluestone Mortgages has made a trio of hires in the new year, including Victoria Robb as its chief risk officer, Christopher Keyden as head of capital markets and Dave Pione as colleague development and culture business partner.
Last year, it also appointed Chris Holcomb as new build and national account manager.