Bluestone Mortgages has announced a maiden profit after tax of £2.85m for the financial year ending 30 June 2020.

The specialist lender confirmed that it wrote over £295m of loans in the financial year beginning 1 July 2019, an 18% uplift compared to the previous financial period.

Bluestone also revealed its growth in the last financial year has continued, with application levels in the six months between July and December 2020 up 50% on the same period in 2019. 

The lender also suggested it has continued to see “unprecedented demand” from borrowers looking for tailored lending solutions amid the coronavirus crisis.

“Despite the challenges presented by the COVID-19 trading environment, we have worked hard to ensure that our service and underwriting teams, as well as our established broker network, have been equipped to support both existing and new customers during this period,” said Bluestone managing director, Steve Seal.

“The ongoing focus on service levels has played a crucial role in the recent growth of the business, and maintaining a high level of support for advisers and end-customers will remain our priority as we navigate the coming months.

“Ultimately, our goal is to continue to deliver innovative and flexible solutions to underserved borrowers across the UK – particularly those impacted by the COVID-19 crisis – and by focusing on support for our staff and external partners, we will be in a strong position to achieve this.”

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