Bluestone launches into Scotland

Bluestone’s residential and buy to let proposition is offered at between 60 per cent and 85 per cent LTV and covers two, three, five-year fixed rate terms.

Residential products start from 3.74 per cent on a 2-year fixed rate at 60 per cent LTV while the BTL proposition starts at 3.99 per cent.

The move into Scotland is part of Bluestone’s ongoing expansion plans. The provider focuses on borrowers with credit issues and non-traditional financial circumstances.

As part of the launch, Bluestone will accept home report valuations on residential purchase cases where these have been completed by a valuer on Bluestone’s panel.

Steve Seal, director of sales and marketing at Bluestone Mortgages, said: "We are delighted to be extending our services into Scotland at a very exciting time for Bluestone.

"Customers with credit issues, or non-traditional financial circumstances, are increasingly needing personalised services when trying to get a firm foot on the property ladder and here is where we felt there was a lack of competition and choice.

"Scotland, however, is no exception to the rest of the UK in needing tailor-made solutions. We’re always on the lookout for new ways to serve borrowers and we look forward to working more closely with our partners and brokers in Scotland."

Other lenders have also been making moves into Scotland in recent weeks.

Vida Homeloans announced its launch in Scotland last month. Earlier this year, Paragon expanded its BTL offering in Scotland, while Kingston and New Street also launched mortgages in Scotland. 

Alan Lakey, director of Highclere Financial Services, said: "Bluestone is an excellent niche lender which offers access to potential borrowers who have a poor credit history.

"Scottish law is distinct from the rest of the UK and many lenders will not venture there. This will provide an edge for Bluestone in that most adverse lenders will not be there."

aamina.zafar@ft.com