Bluestone Mortgages has announced that it will be shifting its focus to the specialist residential market from now on, which will mean the scrapping of its buy-to-let slate.
The company will not be accepting any new applications for its existing buy-to-let products after 11th August and a spokesperson stated that all mortgage advisors within its partner network had been informed of that. However, any applications for buy-to-let loans that have already been submitted by advisors will still be processed and considered.
This decision has been made as a result of the greatly increased demand that Bluestone has been experiencing for its residential loans. There have been nearly twice as many applications for these products submitted since Shawbrook took over Bluestone at the start of 2023.
Bluestone is a lender that deals in specialist mortgage loans. Its monthly lending figures show that there has been a 90% average rise per month in the numbers seeking owner occupied residential loans among borrowers who are unable to meet the criteria set by the big high street lenders. Reasons for this include adverse credit issues as well as self-employment.
Bluestone expects this market to keep growing, with its marketing and sales director Reece Beddall telling Mortgage Introducer that:
“This is an exciting time for Bluestone, and we’re fully committed to and focused on doubling-down our efforts to help would-be and existing borrowers who rely on our approach to realise their home ownership goals.”
Those with CeMAP training will know that the specialist market is a fast growing area.
