Bluestone announces mortgage rate reductions

July 8, 2024 by Alan

Rates

Bluestone Mortgages has announced that it is cutting the rates across the whole of its slate of mortgage products, which will encompass loans within the Deposit Unlock, Right to Buy and residential fields.

The specialist mortgage lender is stating that this move will once again demonstrate that it is the right choice for borrowers who cannot meet the criteria set by the big high street lenders. Bluestone has reduced the rates for its no-fee and standard products by as much as 0.4% in many cases. That means rates for products at a loan-to-value (LTV) of 65% are now starting at 6.59%.

When it comes to products within the Deposit Unlock category, rates have been cut by a maximum of 0.6%. These products have an LTV of 95% and the starting rate for them is now 7.24%. They also come with no fee for applying, and people seeking remortgage deals can get £500 towards the cost of a solicitor, as well as legal fees paid for them.

In an interview with Mortgage Solutions, Mark Hollands from Bluestone stated that inflation falling and a likely base rate reduction next month had made the company confident enough to bring its own rates down. He then added:

“This demonstrates our ongoing efforts to provide customers with solutions that suit their unique circumstances so that they can make their homeownership dream a reality.”

The announcement shows once again why advisors with CeMAP training are looking to specialist mortgage lenders to an ever-greater degree, as they try to find affordable options for clients.