Bluestone Mortgages has announced an update to its credit policy that will see the lender provide more support to self-employed borrowers impacted by the coronavirus pandemic.

The update will apply to applicants who have experienced a reduction of more than 10% in business income as a result of COVID-19, but who have since seen their earnings return to pre-pandemic levels.
 
For self-employed borrowers in this position, Bluestone confirmed it will support borrowers who can demonstrate that their earnings in the most recent three months have returned to their 2019/2020 income level.

The lender will also consider how the applicant’s business was affected by the pandemic, the sustainability of the applicant’s income as well as whether any financial support from the government has been received.

Bluestone head of sales and marketing, Reece Beddall, commented: “As a specialist lender, we are acutely aware of the hardships that the self-employed community has faced during the COVID-19 pandemic, and we remain committed to providing these borrowers with a lending solution that will better meet their needs.

“Today’s update highlights this very fact, reaffirming Bluestone’s long-held ethos to support borrowers who have recovered financially from a life event and are now perfectly eligible for a loan.

“With our updated credit policy, we will be more able to cater to the growing needs of self-employed borrowers and ensure that more of this demographic can access the financing they need as the pandemic continues and consumer demand rises.”

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