The partnership builds on the lender’s open banking pilot in 2019 on its previous portal.
Experian will offer Bluestone to “timely and high quality customer information”, which will streamline the mortgage application process.
The partnership will also offer benefits to brokers, which include application to offer in four days as it removed the need for the lender to require customer bank statements as household income and expenditure can be gathered in minutes.
Bluestone Mortgages said that this would allow applications to be processed twice as fast.
An affordability passport will also be generated, which includes a digitally replicated bank statement of customers’ income, expenditures and wider financial positions.
Transactions are automatically categorised to simplify spending habits and allows them to be analysed more quickly.
The open banking partnership will also offer more autonomy to customers and brokers over what data is shared and with whom.
Paul Speirs, managing director of consumer information service Experian, said its open banking technology was “revolutionising the mortgage application journey, providing a much quicker, seamless, and more convenient digital experience”.
He continued that over one million UK consumers had shared their open banking data with Experian to “improve their financial wellbeing”.
“Our reputation is building confidence and trust amongst consumers, brokers and lenders to share their financial data. Through this partnership, Bluestone can now get access to the most relevant information it needs to make much better-informed lending decisions that’ll hugely benefit home buyers looking to secure the dream property,” Speirs added,
Reece Beddall, sales and marketing director at Bluestone Mortgages, said: “We are committed to continually investing in technology to enhance the mortgage process, and are really excited about the next step of the journey.
“We believe open banking has the potential to transform the specialist lending space and removing the pain points typically associated with the mortgage application process. Through this partnership with Experian, we hope to make the credit application process seamless and easier for brokers and their customers to access end-to-end mortgage approvals, making their homeownership dreams a reality.”
Experian recently teamed up with Leeds Building Society to offer free boosted credit scores, so Netflix and Spotify subscriptions could contribute to affordability.
