Bluestone Mortgages has made changes to its mortgage criteria and the system it uses for applications.
Bluestone Mortgages has increased the maximum loan to value (LTV) of its BBB products from 70% to 75% to help those with a smaller deposit.
The BBB product is open to borrowers with up to four defaults and three county court judgments (CCJs) in the last 36 months. It is also available to people who have more recently been discharged from bankruptcy and individual voluntary arrangements (IVAs).
The changes to its application system include the introduction of DocuSign to its broker portal for application declarations. Bluestone Mortgages said this would speed up submission times by removing the need for wet signature documents.
The lender has also added new fields to its broker portal to capture information on a client’s adverse credit history to allow for vulnerable borrowers to be identified and supported earlier in the mortgage process. This is also expected to reduce the need for extra paperwork.
Mark Hollands, head of sales and distribution at Bluestone Mortgages, said: “As part of our ongoing commitment to brokers, we’ve made these changes to improve the broker experience through the application process while providing greater flexibility, and enhanced our ability to provide the right support to help a growing number of customers achieve their homeownership goals.”
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Last month, the lender brought out an affordability calculator for residential mortgages to help brokers estimate how much a client may be able to borrow.
