Our Customers - Bluestone Mortgages

For too long, borrowers with complex credit have been treated as a number. Rejected from the lending system by the rigid rules of mainstream lenders who aren’t set up to support their needs. Yet with so many life moments creating lending challenges - from divorce, to shifts in employment and critical illness - we know that you need a lender who can say yes.

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Time to understand

Our lending process focuses on understanding the events that have caused the customers to have adverse credit and taking a common-sense approach to their situation today.

We work with you to truly understand each individual’s circumstances, making decisions based on affordability.

Because of this, we’re able to make sure we can help a wider range of customers than other providers are able to.

Impaired Credit

Josh, like many others, faced financial difficulties following his divorce. He initially retained the marital home, with the obligation to now meet the mortgage payments on his own, and struggled on a single income. Through a dispute with his mobile phone provider over a series of defaults, the highest being £280, he was then issued with a CCJ for £1,000. Josh made the decision to sell his property and rent to help him get back in control of his finances.

When he was back on his feet, he tried to buy a home again but was rejected by mainstream lenders due to having a low credit score. When his broker recommended Bluestone Mortgages, he was relieved to hear that we have a flexible criteria when it comes to telecommunication CCJs and defaults.

Fortunately, we were able to help Josh because, at Bluestone, all CCJs and Defaults under £300 are ignored, all telecommunication CCJs/Defaults are ignored, and we allow up to 4 Defaults and 3 CCJs within the last 3 years, granted a clean track record for the last 6 months.

By understanding Josh’s personal circumstances and the reason behind the adverse, we were able to help Josh get back on the property ladder. He has moved into his new home and is back on his feet.

Self Employed

Ayaz runs a thriving barbershop – yet he, like so many others, had to shut up shop during lockdown. When restrictions were lifted, customers were queuing to come back – realising their at-home-hairdressing attempts were not up to scratch!

Yet Ayaz was soon to find that fixing homegrown buzz cuts wasn’t his only challenge. As he set out to buy his first home, he discovered the lockdown impact meant mainstream mortgage providers wouldn’t lend. For while Ayaz had a 5% deposit saved for his dream New Build, the fact he hadn’t earned during lockdown meant he was facing ‘computer says no’.

Having engaged a mortgage broker, Ayaz found his way to Bluestone Mortgages where we were able to help. Our self-employed policy meant we could base our lending decision on a combination of his 2019 / 2020 accounts, alongside three months of positive trading post lockdown which showed his business was back on track.

Contractors

Sarah is a contracted primary school teaching assistant and is looking to get her foot on the property ladder. Since January this year, Sarah has been employed by her current school and was permanently employed at her previous school for over 6 months.

However, after graduating from university 2 years ago, Sarah missed several credit card payments while she was searching for employment. Due to her missed payments, Sarah was unable to go to a high street lender, but luckily, her mortgage broker introduced her to Bluestone Mortgages. As Sarah’s missed payments were over 6 months old and she has been in the same line of work for over 6 months, Bluestone was happy to offer her a mortgage on our “Clear” product to purchase her first flat.

Buy to Let

Joanna is an owner-occupier and looking to purchase a regulated BTL, which she plans to let out to her son and daughter-in-law. Joanna’s credit profile, unfortunately, shows that she recently missed a mortgage payment having forgotten to transfer funds into her bills account.

Working as a consultant for her local authority as a day rate contractor, with 5 months remaining on the current contract. She has some savings as well as funds in her Ltd company to use towards the purchase.

As the missed mortgage payment was made in the same calendar month, it could be treated as a late rather than missed, and after accounting for the deposit and associated costs, there will be enough remaining in savings to cover 6 months of mortgage payments, if her son was unable to pay the rent.

As a result Bluestone Mortgages were able to assess the application on an ICR basis and issued a mortgage offer for a regulated Buy to Let on our “Clear” product range.