Your guide to Bluestone for intermediaries

Mortgage brokers, or intermediaries, help their clients right at the beginning of their homeownership journey. They act as a link between people looking to buy a home in the United Kingdom and commercial banks, credit unions, and other mortgage lenders. Because of this role, intermediaries should partner with mortgage companies that are committed to providing excellent services for their clients.  

There are broker-centric lenders and mortgage companies that have intermediary-only platforms. One of them is Bluestone Mortgages. This mortgage lender has provided an online page that has everything that you need to help your clients secure the most ideal mortgage. They also aim to support intermediaries by helping them look for the right funding solutions on behalf of their clients. 

In this article, Mortgage Introducer will discuss how Bluestone for intermediaries can help mortgage brokers in the UK with their platform. We will also take a closer look at their highly effective mortgage processes as well as their product offerings. Want to know if Bluestone for intermediaries is the lender for you? Read more to find out. 

Introduction to Bluestone for intermediaries 

Bluestone Mortgages Limited is a mortgage lender registered in England and Wales. They are authorised and regulated by the Financial Conduct Authority (FCA).  

Bluestone has an exclusive platform for intermediaries that assists these mortgage professionals by showcasing their home loan products with ease. For hassle-free access, intermediaries can browse Bluestone's tools and guides on their online portal.  

In this ‘for intermediary only' website, Bluestone for intermediaries uses a broker-centric approach and provides support for UK-based mortgage brokers in terms of the following: 

• downloadable forms 
• affordability calculators 
• guide for lending criteria 
• guide for mortgage products and rates 
• media hub 

Eligibility criteria for applicants of Bluestone for intermediaries 

Below are some of Bluestone Mortgages’ eligibility criteria for mortgage brokers who want to apply for a home loan on behalf of their clients:  

• must be a UK resident for at least 12 months 
• must be at least 20 years old at the time of application 
• must not be over 69 years old at the time of application 
• must not be a professional gambler 
• must not be an expat 
• must not be a financial advisor applying for their own property loan 
• must not be returning to the UK within the last 12 months and going straight into employment 
• must not be returning to the UK within the last 12 months and going straight into self-employment 
• must show that benefit income does not exceed 30% of total household income; however, there is no minimum income requirement 

The UK’s leading mortgage brokerage firms work with lenders like Bluestone for intermediaries. You might want to check out some of them on our list of top mortgage intermediaries. 

Does Bluestone use credit scores to assess applications? 

No, Bluestone for intermediaries does not perform credit scoring on mortgage applications. They can focus on other factors to analyse your clients’ financial situation. This is an alternative to simply relying on traditional credit scores to assess a potential borrower's eligibility. 

This approach has also allowed Bluestone to consider home loan applicants who might have unique circumstances or less than perfect credit histories. 

While Bluestone Mortgages does not credit score their potential borrowers, other banks and mortgage lenders do. Learn more about credit scores and how they can affect your clients' chances of getting a mortgage in this article. 

Mortgage products offered by Bluestone for intermediaries 

After going over the eligibility criteria for applicants of Bluestone for intermediaries, the next step is to explore the different mortgage products that they offer. Clients can choose from these home loan services and pick the one that best matches their monetary capacity and personal goals.  

There are five main products offered by Bluestone for intermediaries: 

1. Home Mover 
2. First-time Buyer 
3. Deposit Unlock 
4. Remortgage 
5. Right to Buy 

Let us take a closer look at each mortgage product: 

1. Home Mover 

Is your client about to move from their previous residence? Bluestone Mortgages’ Home Mover might be the best new mortgage for them. This is also suitable for complex credit clients. Bluestone for intermediaries’ team of expert underwriters will assist you regarding affordability and help your clients secure their property. 

With Bluestone’s Home Mover, you can expect no credit scoring. Individual voluntary arrangement (IVA), Debt Relief Order (DRO), and Bankruptcy are all allowed. The maximum loan-to-value (LTV) ratio is 85%. 

2. First Time Buyer 

The next mortgage product is best for potential borrowers who want to secure a mortgage for the first time. Bluestone for intermediaries’ First Time Buyer has no credit scoring and allows IVA, DRO, and bankruptcy. All County Court Judgement (CCJ) and defaults will be ignored if they are less than £300. 

Bluestone Mortgages is also lenient and will allow up to four defaults as well as three CCJ’s within the last three years. Like their Home Mover product, the maximum LTV ratio is also 85%. The criteria will depend on your client’s credit profile on the date of completion, not on application. Are your clients joint borrowers? If so, the product selection will be based on the lowest credit tier of any of the applicants. 

For mortgage rates, Bluestone for intermediaries offers a minimum of 6.24% for a 5-year fixed rate home loan. They also have 3-year fixed rates and 2-year fixed rates which start at 6.34% and 6.49% respectively. 

Watch this video to better understand how first-time buyer mortgages work in the UK: 

Discover the latest market trends, news, and more on our First Time Buyer news page. 

3. Deposit Unlock 

Does your client find it hard to save for a deposit, stopping them from buying their first home? Bluestone for intermediaries’ Deposit Unlock will allow eligible borrowers to buy a new build home with only a 5% deposit. With this scheme, your clients won't need any equity loans—they will own 100% of their new house. Check out three of its features: 

• CCJ’s and defaults will be ignored if telecoms or if less than £300 
• no credit scoring required for 95% mortgages  
• self-employed clients with a 12-month trading history are accepted 

4. Remortgage 

For clients who are looking for straight switch or those who want to improve their home by applying for a mortgage, Bluestone for intermediaries offers their Remortgage product. It has no credit scoring and no valuation fee. This option allows a maximum of three CCJ’s within the last three years. All CCJ’s and defaults will be ignored if they are less than £300. Bluestone Mortgages will also provide free legals or a cashback of up to £500. 

Want to know how remortgage works? Watch this clip: 

Here are the latest remortgage rates in the UK. You can check back weekly or favourite this page to keep an eye on the rates. 

5. Right to Buy 

Bluestone Mortgages also has a Right to Buy mortgage product. This is mainly for council tenants and to help them buy property at a discounted price. Here are its features: 

• up to 75% LTV 
• up to a max 75% of open market value 
• available on residential 5-year fixed rate range  
• available in conjunction with all standard criteria 
• criteria will be based on your client’s credit profile during completion date, not application 

If your clients are joint borrowers, the product selection will be based on the lowest credit tier of any of the applicants. Bluestone’s Right to Buy offers 5-year fixed mortgage rates starting from 6.24%. Its reversion rates start at 8.30%. 

Curious to learn about other mortgage lenders’ home loan rates? You can bookmark our guide to mortgage rates to find out the latest mortgage rates from all the top UK banks and mortgage lenders. Check back weekly or favourite this page to keep an eye on the mortgage industry’s ever-changing rates. 

Application process 

Bluestone for intermediaries has ensured that their application process will give their partner-intermediaries a clear view of each mortgage application. They will also allow you to track all your open mortgages for better accuracy. Here are the six stages involved in Bluestone Mortgages’ application process: 

1. Decision in Principle  
2. application received  
3. case review  
4. underwriting  
5. awaiting valuation  
6. offer produced 

Let us briefly discuss each stage below: 

1. Decision in Principle 

In the Decision in Principle stage, your client’s information will be evaluated automatically. This is needed to determine whether your client fits within their criteria and can afford the mortgage. 

2. Application received 

Once they receive your application, Bluestone Mortgages’ Case Managers will review all your client’s uploaded documents. Then, they will prepare it for underwriting. 

3. Case review 

There might be some concerns if your Case Manager finds any missing or unreadable documents. If this happens, Bluestone will send you a notification. 

4. Underwriting 

If all the documents are good to go, Bluestone for intermediaries’ underwriters will look at your case before proceeding to the next stage. You must be ready if they ask for your client’s additional information or data. 

5. Awaiting valuation 

During this stage, Bluestone for intermediaries will instruct the valuation report and progress the application. 

6. Offer produced 

The final stage is where Bluestone for intermediaries will give you confirmation that they will advance or lend the money to your client. 

Partnering with Bluestone for intermediaries 

Partnering with Bluestone for intermediaries can be beneficial when finding the right home loan for your clients. Bluestone’s commitment to help intermediaries can be seen through their online portal where everything you need to know is explained in detail. There are also helpful documents and presentations available for free download. 

If you choose to work with Bluestone for intermediaries, you might have a greater chance of taking your career to the next level. But if you want to work with other mortgage lenders, we have other guides for lenders with intermediary-only platforms. Check out some of them below: 

• NatWest for intermediaries 
• Barclays for intermediaries 
• HSBC for intermediaries 
• Nationwide for intermediaries 
• Accord for intermediaries 
• Coventry for intermediaries 
• Leeds for intermediaries 
• Skipton for intermediaries 
• Aldermore for intermediaries 
• Precise for intermediaries 

Would you be interested in working with Bluestone for intermediaries? Share your insights in the comments section below.