Bluestone Mortgages to launch Open Banking service
Bluestone Mortgages

Bluestone Mortgages to launch Open Banking service

Bluestone Mortgages has launched the pilot phase of its Open Banking solution as it looks to incorporate the service as part of its underwriting process.

The specialist lender’s pilot will be rolled out to a select group of advisers on Bluestone’s panel with a national launch expected to follow shortly after.

Bluestone’s Open Banking solution is supported by a service provided by credit reference agency Experian and will give customers the option to provide their bank transaction data to the lender within minutes to help reduce mortgage-processing times.

The introduction of the solution is part of Bluestone’s increasing commitment to invest in technology within financial services.

The lender recently entered the Help to Buy market and extended its distribution to include Scotland.

“We believe innovation that will be made possible with Open Banking is going to change the landscape for specialist lending, particularly in areas of affordability assessment and expenditure patterns, while at the same [time] removing a lot of friction associated with a traditional mortgage application process,” said Peter McGuinness, CEO at Bluestone (pictured above).

“We’ve made a significant in-house investment in our IT platform through 2018 with a constant drive to improve the application journey for our advisers.

“We see Open Banking as compelling; it will provide our customers and their advisers with a significantly more efficient credit application process and give Bluestone access to high-quality and timely information from which to support a mortgage approval.”

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