Bluestone Mortgages has revealed that the volume of applications last month were over two-thirds (68%) higher than in September 2019 – marking an all-time record month for the lender.
Between July and September, Bluestone’s application volumes also surpassed pre-coronavirus levels.
These statistics follow the launch of Bluestone’s campaign ‘The Age of the Unlendables’, which reaffirms its focus on supporting underserved customer segments and encourages more advisers to support the rise in demand it is seeing from these groups.
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Bluestone said it expects the growth in demand for specialist lending to continue over the long-term given the number of borrowers who could emerge from the COVID-19 crisis with more complex borrowing needs.
Indeed, the specialist lender predicts that consumer appetite for tailored lending solutions will grow following the pandemic and, with the launch of its campaign, it is in a stronger position to prepare for this rise in demand and secure more support from the intermediary community.
The campaign will highlight how Bluestone can support unconventional borrowers, such as those with adverse credit, and how brokers can work with the lender to support their specialist clients.
Resources such as Bluestone’s ‘Unlendables Toolkit’ will also be available once the campaign commences and will aim to better educate brokers on how to get non-standard borrowers approved for financing through the lender.
Steve Seal, managing director at Bluestone Mortgages, said: “September was the strongest month on record for us as the number of applications soared.
“The Bluestone team has been working hard to ensure that borrowers up and down the country are still able to secure the lending they need at this challenging time.
“Indeed, the launch of our new campaign comes at a perfect point in our evolution as we reaffirm our commitment to serve unconventional borrowers and ensure that we are well-equipped to continue to meet the demand for specialist lending – something which we expect to last beyond the crisis.
“We are confident that the launch of our new campaign will give us a better opportunity to encourage more brokers to work with us.
“Ultimately, this will mean that we are better able to support non-standard borrowers over the long-term and that we can continue to strengthen our position as a specialist lender focused on serving the underserved.”