Haysto is an online mortgage platform specialising in bad credit, self-employed and complex mortgages.
Along with Bluestone, which specialises in offering mortgages to those with complex credit problems, it is hoping to bring visibility to this area of the market to ensure people realise there may be options, even if they have been refused a loan elsewhere.
The partnership comes after research by Bluestone Mortgages found almost half of consumers (45%) who had their mortgage application declined by a high-street lender would be reluctant to apply for one again in the future.
Meanwhile, two in 10 (19%) also believed they had no alternative options which would allow them to secure a mortgage.
Exactly half (50%) of Haysto’s customers had been turned down elsewhere, but by offering complex credit mortgages, like those offered by Bluestone Mortgages, they’re making the specialist market accessible.
Paul Coss, co-founder of Haysto said: “Before I co-founded Haysto, I was a mortgage broker specialising in bad credit and complex cases.
“I have made many mortgages possible by working with Bluestone, they were always able to look at my client’s case in detail and offer them a mortgage.
“I’ve seen people’s lives changed as a result. At a time when Covid has impacted so many people financially, with many more people not fitting into the traditional high street lenders profile, the specialist lender market is going to be even more crucial.
“Bluestone have a long track-record with bad credit mortgages and a recent return to 85% LTV shows they will be a key partner to Haysto and a growing number of people.”
Rising number of complex credit cases
The number of customers with complex credit profiles is on the rise significantly in the UK because of the economic impact and financial uncertainty caused by the pandemic.
Haysto said more than 50% of mortgages suitable for people with complex credit weren’t available directly to borrowers, they’re only available through specialist mortgage brokers.
Haysto develops a picture of every customer to uncover specialist mortgages often not available to them directly.
Its platform then matches each customer to a broker with expert knowledge and proven experience of making mortgages possible for people in their situation. Haysto customers can speak directly to their broker at any time to receive expert advice and track their application online.
Steve Seal, managing director of Bluestone Mortgages, said: “Supporting underserved customer segments is our number one priority at Bluestone. We are committed to providing complex credit borrowers with tailored lending solutions, including those who do not fit the “vanilla” mould of the mainstream lenders.
“While there is significant financial disruption across the UK, taking the time to assess a customer’s unique situation is even more important and this is something we will continue to prioritise, particularly as the Covid-19 crisis progresses.
“Haysto’s innovative platform is a first and we are confident that following today’s partnership, we will be able to help more complex credit borrowers access tailored lending and, ultimately, achieve their homeownership dreams.”
