Bluestone Mortgages reopens for new lending

Bluestone Mortgage is to recommence new lending as of today as a gradual ‘return to business.’

The specialist lender stopped accepting new applications on 3 April, which it said was largely influenced by the restrictions that have been placed on physical property valuations due to the Covid-19 pandemic.

Bluestone will initially be offering its ‘Clear’ credit category across both of its residential and buy-to-let product ranges and will be using automated valuation models and desktop valuations.

Loans are available up to 75 per cent LTV.

Bluestone managing director Steve Seal says: “We are really pleased to be back and ‘open for business’ and have had strong support from our funders and the valuation industry in adapting to the current market. As we kickstart activity over the coming weeks, our focus will be on supporting brokers who have existing pipeline applications that can now progress, and on delivering strong service levels to brokers submitting new customer applications.

“Bluestone will continue to follow the government guidelines as the emergency resolves, and we hope to update the market with further announcements in the coming weeks.”

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