Bluestone Mortgages has linked up with Haysto, an online mortgage platform specialising in bad credit, self-employed and complex mortgages.
This comes after research by Bluestone Mortgages found that almost half of consumers (45%) who have their mortgage application declined by a high-street lender would be reluctant to apply for one again in the future. Of more concern was that two in 10 (19%) also believed they had no alternative options which would allow them to secure a mortgage.
Some 50% of Haysto’s customers have been turned down elsewhere, but by offering complex credit mortgages, like those offered by Bluestone Mortgages, they’re making the specialist market accessible.
Haysto partners with Finance Advice Group
The number of customers with complex credit profiles is on the rise significantly in the UK because of the economic impact and financial uncertainty caused by COVID. The mainstream mortgage market and automated online platforms generally reject those with more challenging credit profiles because of their rigid and generic eligibility criteria. Therefore people with credit issues can feel locked out of the market.
In fact, over 50% of mortgages suitable for people with complex credit aren’t available directly to borrowers, they’re only available through specialist mortgage brokers.
Steve Seal, managing director of Bluestone Mortgages, said: “Supporting underserved customer segments is our number one priority at Bluestone. We are committed to providing complex credit borrowers with tailored lending solutions, including those who do not fit the “vanilla” mould of the mainstream lenders.
“While there is significant financial disruption across the UK, taking the time to assess a customer’s unique situation is even more important and this is something we will continue to prioritise, particularly as the COVID-19 crisis progresses.
“Haysto’s innovative platform is a first and we are confident that following today’s partnership, we will be able to help more complex credit borrowers access tailored lending and, ultimately, achieve their homeownership dreams.”
Paul Coss, co-founder of Haysto, added: “Before I co-founded Haysto, I was a mortgage broker specialising in bad credit and complex cases. I have made many mortgages possible by working with Bluestone, they were always able to look at my client’s case in detail and offer them a mortgage.
“I’ve seen people’s lives changed as a result. At a time when COVID has impacted so many people financially, with many more people not fitting into the traditional high street lenders profile, the specialist lender market is going to be even more crucial.
“Bluestone have a long track-record with bad credit mortgages and a recent return to 85% LTV shows they will be a key partner to Haysto and a growing number of people.”