Bluestone Mortgages has announced a record profit after tax of £8m for the financial year ending 30 June 2021.

This compares to £2.85m for the previous year.

The specialist lender wrote over £450m of loans in the financial year, a 54% increase compared to the previous financial year. Bluestone saw applications increase by more than 94% during the same period.

Bluestone says it was the first specialist lender to restore its full range of credit tiers after the forced pandemic lockdown and continues to support complex credit borrowers.

Steve Seal (pictured), chief executive at Bluestone Mortgages, said: “To deliver record profits during this period is testament to our team’s ongoing commitment to support those disenfranchised from mainstream lenders. We have invested significantly in our team throughout this financial year, which has resulted in the business growing rapidly with overall headcount increasing by 40% since June 2020. We have also continued to prioritise our support services to ensure our underwriters and broker network are best equipped to cater to both existing and new customers.

“Looking ahead, we recognise that the pandemic will continue to have a huge impact on people across all walks of life. With furlough and various support schemes now closed, there will be a growing number of people with complex financial situations. Following our successful year, we are well positioned to support these people and demonstrate that Bluestone is the leading specialist lender to make the homeownership dream a reality.”