18 August 2017
Bluestone now only consider the number of missed payments rather than the worst status which is helping advisers help more customers.
Here's a real life case study to illustrate the impact of this change:
"Mr F was made redundant 4 years ago and as a direct result was unable to make all his mortgage payments. Although he made small payments during this time and his account is now up to date, his credit report showed a Status 3 in the last 12 months and Status 6 within the last 13-24 months”
Previously Bluestone would have declined this application as they would have classed the status 3's within the last 12 months as a missed payment and allowed for a maximum of status 4 in months 13-24.
As payments have been made continually in last 12 months and Mr F has only missed one additional payment in months 13-24 Bluestone are happy to approve this application on their AAA Product range.