Its profits were up from the £2.85m it recorded last year. The lender also wrote £450m in loans, a 54 per cent rise from the £295m completed at the end of 2020. 

The lender said the increase in profits signalled “strong growth” for the business. It also reported a 94 per cent rise in applications during the period.  

Steve Seal, chief executive at Bluestone Mortgages, said to deliver record profits during the period was a “testament” to its employees’ commitment to supporting those who were unable to obtain mortgages from mainstream lenders. 

He added: “We have invested significantly in our team throughout this financial year, which has resulted in the business growing rapidly with overall headcount increasing by 40 per cent since June 2020.  

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“We have also continued to prioritise our support services to ensure our underwriters and broker networks are best equipped to cater to both existing and new customers.” 

Seal said the pandemic was expected to continue having an impact on finances, especially since the closures of the furlough and other support schemes, which would create more complex needs.  

“Following our successful year, we are well positioned to support these people and demonstrate that Bluestone is the leading specialist lender to make the homeownership dream a reality,” Seal said.