Bluestone Mortgages has announced an open banking partnership with credit checking firm Experian, which allows brokers to access automated lending decisions.   

The fintech lender says the move will see Experian provide it with customer information to streamline mortgage applications.  

The firms say highlights of the service include:  

• App to offer in four days – the integration removes the need for Bluestone to require customer bank statements by allowing accurate household income and spending data to be gathered in minutes  
• An affordability passport – a digitally replicated bank statement of customer income, spending, wider financial positions and automated categories of transactions   

The firms add that “Experian’s trusted brand that provides customers and brokers autonomy over what data is shared, and with whom”.  

Bluestone Mortgages sales & marketing director Reece Beddall says: “We believe Open Banking has the potential to transform the specialist lending space, removing the pain points typically associated with the mortgage application process.   

“Through this partnership with Experian we hope to make the credit application process seamless and easier for brokers and their customers to access end-to-end mortgage approvals, making their homeownership dreams a reality.”   

Experian managing director of consumer information service Paul Speirs points out: “Our open banking technology is revolutionising the mortgage application journey, providing a much quicker, seamless, and more convenient digital experience. Over a million UK consumers have already shared their open banking data with Experian to improve their financial well-being.   

“Through this partnership, Bluestone can now get access to the most relevant information they need to make better-informed lending decisions that’ll hugely benefit home buyers looking to secure their dream property.”