Bluestone Mortgages has announced a strategic partnership with Experian to launch an Open Banking solution, enabling brokers to get automated lending decisions.

Building on Bluestone’s Open Banking pilot in 2019 on the lender’s previous portal, Experian will provide Bluestone with access to customer information to streamline the mortgage application journey.

Bluestone claims the partnership provides brokers with a number of benefits to help them get credit decisions faster by utilising automation and Open Banking, including:

• App to offer in four days – the new Open Banking integration removes the need for Bluestone to require customer bank statements by allowing accurate household income and expenditure data to be gathered within minutes
• An Affordability Passport – a digitally replicated bank statement of customers’ income, expenditures and wider financial positions. This includes automated categorisation of transactions to simplify and improve speed to interpret an individual’s spending
• Greater level of autonomy – a consent-driven, safe and secure Open Banking platform supported by Experian’s brand that provides customers and brokers autonomy over what data is shared, and with whom.

Paul Speirs, managing director of consumer information service at Experian, said: “Our Open Banking technology is revolutionising the mortgage application journey, providing a much quicker, seamless, and more convenient digital experience. Over a million UK consumer’s have already shared their Open Banking data with Experian to improve their financial well-being. Our reputation is building confidence and trust amongst consumers, brokers and lenders to share their financial data.

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

Reece Beddall, sales & marketing director, Bluestone Mortgages, added: “We are committed to continually investing in technology to enhance the mortgage process, and are really excited about the next step of the journey. 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.”