Bluestone News

Bluestone Mortgages delivers maiden profit

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Specialist lender, Bluestone Mortgages, announced today a maiden profit after tax of £2.85m for the financial year ending 30th June 2020.

Bluestone wrote over £295m of loans in the financial year* – a 18% uplift compared to the previous financial period. The strong growth has been underpinned by Bluestone’s continued loyalty to complex credit borrowers and supporting those who are disenfranchised by mainstream lenders.

Following the first national lockdown in March 2020 and the introduction of Covid forbearance measures across the industry, Bluestone responded quickly to ensure a high level of support was available to existing customers in need of extra support.

The strong growth experienced in the financial year has continued, accelerating lending activity in the most recent 6 months, with application levels up 50% on the same period last year.** Bluestone continues to see an unprecedented demand from borrowers looking for tailored lending solutions amid the ongoing crisis, a trend expected to continue over the long-term given the number of borrowers emerging from the Covid-19 crisis with more complex borrowing needs.

Bluestone Mortgages is the complex credit mortgage lending subsidiary of diversified financial and technology services business, Bluestone Group, which is headquartered in Cambridge in the UK.

Steve Seal, Managing Director at Bluestone Mortgages, comments: “Today’s figures are the result of the continued dedication of the Bluestone team, our funders and our intermediary partners. Despite the challenges presented by the Covid-19 trading environment, we have worked hard to ensure that our service and underwriting teams, as well as our established broker network, have been equipped to support both existing and new customers during this period. The ongoing focus on service levels has played a crucial role in the recent growth of the business, and maintaining a high level of support for advisers and end-customers will remain our priority as we navigate the coming months.

“Ultimately, our goal is to continue to deliver innovative and flexible solutions to underserved borrowers across the UK – particularly those impacted by the Covid-19 crisis – and by focusing on support for our staff and external partners, we will be in a strong position to achieve this.”