Bluestone Mortgages has launched Bluesky, a digital platform that will allow mortgage brokers to submit complex cases "within minutes".
The announcement follows a six week pilot with Sapphire Partners, with the platform now available to the whole market.
As a result of the platform, Bluestone has said it has been able to halve its average application to offer time from 17 days to eight days.
Bluestone sales and marketing director, Reece Beddall said the launch marks an important milestone in its automation journey.
“This technology enables us to work smarter and faster, allowing us to dedicate more time to our holistic manual underwriting approach.
“We hope that by launching this platform we can encourage a greater uptake of Open Banking, to not only speed up the application journey for complex cases, but provide better outcomes for the end customer,” Bedall added.
The platform will allow brokers to run automated credit reports which will allow them to get a credit decision earlier in the application process.
It will also allow brokers to accurately gather household expenditures using Bluestone’s Open Banking integration, which will further reduce processing times.
In addition to this, the platform will automate a client’s committed expenditure by pulling it from their credit file, again saving brokers time.
Today’s platform announcement comes weeks after it was announced that Bluestone Mortgages would be purchased by the Shawbrook Group.
Shawbrook and Bluestone Mortgages first established a platform lending arrangement in 2017 and, according to Shawbrook, have maintained a successful relationship since then.
The acquisition is expected to be completed in the second quarter of this year.
jane.matthews@ft.com
