Bluestone Mortgages is part of the Bluestone Group, which was founded in 2000 and has offices in the UK, Ireland and Australasia. It has provided over £3bn worth of loans to more than 20,000 customers who don’t meet the traditional mortgage profile sought out by high street banks. Bluestone’s range of products includes schemes for movers, those looking to re-mortgage and buy-to-let customers.
Overall representative example If you borrow £178,000 mortgage over 25 years initially at 4.49% fixed for 60 months reverting to 7.99% variable for term. 60 monthly payments of £988.37 and 240 monthly payments of £1306.89. Total amount payable £373,335.80 includes loan amount, interest of £194,956, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.7% APRC representative.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
This mortgage type provides certainty, as your interest rate will remain locked for a set amount of time. After your fixed-rate period ends, you’ll be switched onto Bluestone’s standard variable rate.
A buy-to-let mortgages is needed if you want to borrow money to purchase and let out an additional property.
How to apply
Bluestone mortgages are only available through mortgage brokers who have paired up with the lender. You can browse through a list of these brokers on the Bluestone website.
What information is needed to apply
Be ready to supply personal details, financial information and your employment history. You’ll need to provide paperwork backing up this information, including recent payslips and bank statements.
Eligibility criteria
Bluestone prides itself on being more lenient towards self-employed and contract workers and those with impaired credit.
Nevertheless, applicants must be aged between 20 and 65 with an annual income of at least £18,000. The lender only operates in England and Wales.
Frequently asked questions
Bluestone Group was founded in 2000 in Australia by investment banker Alistair Jeffery, who still owns the company today.
Bluestone offer a broad range of mortgage options, such as the Home Mover, Remortgaging, Buy to Let, First Time Buyer and Help to Buy.
The minimum loan amount is £50,000. The maximum loan amount is £450,000 in England and £225,000 in Wales.
Bluestone mortgages are aimed at those who may struggle to be approved by traditional high street lenders. There are few bells and whistles other than the more lenient eligibility criteria.
You can contact Bluestone’s lending team by email at lending@bluestone.co.uk, and also by phone on 0800 368 1833.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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