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Bluestone Mortgages launches open banking service

Bluestone has launched the pilot phase of its opening banking solution, with the firm claiming to be the first specialist mortgage lender in the UK to incorporate it into its underwriting process.

The pilot will be available to a select group of advisers on Bluestone’s panel, with a national launch expected to follow shortly after.

Experian supports the opening banking solution, which will give customers the option to provide their bank transaction data to Bluestone creating a quicker process.

This comes after Bluestone announced it has partnered with specialist broker CLS money at the end of last year.

Bluestone chief executive Peter McGuinness says: “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, whilst at the same removing a lot of friction associated with a traditional mortgage application process.”

Experian managing director of B2B Tom Blacksell adds: “A customer’s current credit position only ever tells part of the story. Open Banking has the power to help people who have found it difficult to prove they can afford a mortgage, perhaps because they are self-employed or a contractor.

Bridging lender Roma Finance launched an open banking solution in November last year, following a trial period in September 2018.

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