A new specialist lender, Bluestone Mortgages, has launched a pilot range exclusively through Legal & General Mortgage Club and Tenet Group.
Its products are aimed at the self-employed, contractors and customers with adverse credit history.
During the pilot phase 171 adviser firms will have access to the range and the lender plans to extend its distribution in the coming months.
Bluestone Mortgages managing director Matt Andrews says: “There is currently a significant portion of the UK population unable to secure a mortgage, held back due to their employment status or because they suffered a bump in the road that has impacted their credit profile.
“At Bluestone, we want to help close this gap in the market by providing affordable mortgage solutions that take into account an applicant’s full history and personal circumstances, looking at the person not the credit score points assessed by typical lenders. By working closely with the advisers and gaining constant feedback throughout the application process, we are confident of developing a strong market position.
“Through our pilot launch, we intend to build a truly collaborative partnership with brokers, which will help us shape and develop our business, in readiness for a full market launch.”
The UK arm is a subsidiary of the Bluestone Group, which was launched in Australia in 2000. In 2003 it expanded into New Zealand and then parts of Europe in 2009.
The business is owned by a mix of private and institutional shareholders including LDC, Australia’s Macquarie Bank and the management team.