Bluestone Mortgages has improved its criteria for customers with an Individual Voluntary Arrangement (IVA) within their credit profile.

The new enhancements available to all brokers via its Sapphire Packager partners.

The lender says its enhanced criteria creates a fairer way of classifying mortgage applications from customers with an IVA, and will allow customers with any number of defaults within the IVA to secure a mortgage with Bluestone.

Any defaults, regardless of the number or value, that are included within the IVA will not be independently assessed when determining which product will be available from Bluestone’s range.

Solutions are available for a variety of customers with credit issues, including those currently in an Individual Voluntary Arrangement.

Steve Seal, director of sales and marketing at Bluestone Mortgages, said: “Our new criteria has been created with underserved borrowers in mind. We believe these changes create a fairer way of classifying mortgage applications, whilst making homeownership a reality for any borrowers who have been issued with an IVA in the past. This doesn’t mean we lend to repeat offenders, though. Responsible lending is an integral part of the way we operate.

“We lend to borrowers who have clearly shown a commitment to rectifying their finances. A few missed credit payments as a result of an illness, accident, or unexpected bill should not mean borrowers are completely ousted from owning a home, and we hope this update will help us in our continual aim of giving these customers the funding and support they need.”

 Rob Jupp, CEO of Brightstar, added: “Bluestone’s latest update for its Sapphire Club members is a perfect example of how, as an industry, we can support borrowers who are trying to get their finances back on track. The specialist market is here to serve these customers, whilst intermediaries play a vital role in guiding them towards the most suitable solutions for their circumstances.

“Through our growing partnership with Bluestone, we will continue to work together to ensure more customers’ needs are met and a fairer system is in place for those who require an extra helping hand.”