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UK > Mortgages > Adviser > Help with Complex Credit

Complex Credit Doesn't Mean Impossible

 

The mortgage market has been significantly impacted by the coronavirus pandemic, and specialist lenders have certainly not been an exception. We are starting to see the market return to normal, but it will be a while until we know how the specialist landscape is set to look following the crisis. One fact that’s clear already, though, is that post-crisis, the specialist lending market will be more important than ever.

 

WHAT CAN THE SPECIALIST MARKET DO IN THE SHORT-TERM?

 

It will be crucial that the growing pools of consumers who have been impacted by Covid-19 can continue to access specialist support after the crisis – and broker engagement will be vital here. Bluestone Mortgages will be encouraging advisers to tap into this market and the various opportunities available. This will ensure that brokers are geared up for a post-coronavirus future, in which there will be a greater number of customers looking for the support of specialist lenders. Ongoing support for existing brokers will also be essential.

LOOKING AHEAD TO THE LONGER TERM

 

Opportunities also exist for the specialist market in the longer term. First and foremost, there could be an opportunity for specialist lenders to work with technology providers and develop platforms that help improve customer outcomes.

Initiatives such as Open Banking could start to gain more traction in the specialist lending market. It’s likely that the demand for tailored financial solutions will increase post-pandemic, as we see more consumers fall into the “non-vanilla” bracket. Bluestone continues to provide support for customers who have been financially affected by Covid-19.

 

HELPING YOUR CUSTOMERS WITH ADVERSE

 

Specialist lending in today's world is responsible, affordable and genuinely helps underserved customers that have been let down by mainstream lenders.

There can be no doubt that we've been operating in a disrupted market environment and we've been working hard to get back to what we do best, which is provide great service, high-quality specialist underwriting decisions, and most importantly strong outcomes for our intermediary partners and their customers.

We are currently the highest rated specialist lender for adverse credit cases and were awarded the "Best Adverse Credit Lender" in the latest mortgage lender benchmark H1 2020. 467 brokers shared their feedback about 90 lenders, helping to highlight and explain how lenders are performing. All broker verbatim focused on BDMs, customer service, product range, criteria, flexibility and underwriting is positive, with “Willing to listen” a common thread in the broker verbatim.

We scored particularly high in relationship management and came second when compared to all banks, building societies and specialist lenders. Communication and ease of determining a product were also rated highly which we take huge pride in.

Mortgage Arrears

Defaults

Missed Payments

Credit Score

CCJs

DMPs

Mortgage Arrears

"My customer went through a divorce 2 years ago which led to a few missed payments on his mortgage, I can't seem to find a solution anywhere!": Well at Bluestone Mortgages we can accept 4 missed mortgage payments between 13 to 24 months old. If he doesn't have any missed payments in the last 12 months, we may be able to help!

Defaults

"If my customer has 4 defaults on their credit report, it's impossible to find them an affordable mortgage!": Not any longer! Bluestone Mortgages can accept up to 4 defaults registered within the last 3 years.

Missed Payments

"My customer missed 3 mortgage payments 13 months ago, he has no chance!": Luckily, we can accept up to four missed mortgage payments bewteen 13-24 months old.

Credit Score

"My client's credit score is really bad! I won't bother with it.": Not to worry! We have a 'no credit scoring' policy. Instead, we follow a manual underwriting approach to gain a better understanding of the events that led to your customer's financial blips.

CCJs

"One of my customers had a CCJ of £280 registered last month! We'll try applying in 6 months time!": Why wait till then when they have a chance now? We'll disregard all CCJs under £300 even in the last 3 months!

DMPs

"My customer has a current DMP registered to their name, it's impossible to find them a mortgage": Not to worry, at Bluestone Mortgages, we accept DMPs which can remain even on completion if the customer has kept up with all payments.

Click the icons above for more information
 

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Our Products

 

Our latest product guide provides a detailed outline of the varying products and services we offer to support you in finding the best possible solution for those customers dealing with less than perfect credit profiles. So whether they're struggling to climb the property ladder or remortgage their home we may be able to help! Please refer to our product guide for information.

Our Customers
 

 

Useful Downloads

Product Guide

Full details of our Residential Mortgage range including rates and criteria.

Jargon Buster

Here you can find our commonly used terms in relation to adverse lending and their definitions

Packaging Guide

"Hints and tips" to help you understand what loan criteria we'll accept and what we'll ask you to provide