Latest rate reduction aims to support customers' credit repair and affordability
A few weeks after making rate cuts across its entire product range, Bluestone Mortgages has announced new rate reductions across its entire fixed rate product range, including two-, three-, and five-year products.
Aiming to support a growing number of customers with complex credit needs, the specialist lender said the largest rate reductions this time were made on its AA, A, and BBB tiers, aimed at customers with complex credit needs and looking to repair their credit.
Customers in these categories could have up to four defaults registered in the last three years, up to three county court judgments registered in the last three years, a current payday loan, or up to four missed mortgage payments from months 13 to 24.
Rates were reduced by up to 80 basis points (bps) on Bluestone’s two- and three-year fixed rate product ranges within these tiers, and by up to 60bps on its five-year fixed rate.
Selected credit repair products are also available up to a maximum LTV of 80%.
“As inflationary pressures continue to squeeze affordability, we are committed to supporting customers who do not fit the traditional lending criteria of high street banks,” said Reece Beddall (pictured), sales and marketing director at Bluestone Mortgages.
“All too often customers with adverse credit get overlooked, and it’s our duty to provide them with solutions so that they can repair their credit while achieving their homeownership goals.”
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