Bluestone Mortgages has reported its first ever profit after tax of £2.85m for the financial year ending 30 June 2020.

The specialist lender wrote over £295m of loans in the financial year, a 18% rise compared to the previous financial period.

Lending has accelerated in the most recent six months, with application levels up 50% on the same period in 2019.

Bluestone said it continues to see an unprecedented demand from borrowers looking for tailored lending solutions amid the ongoing crisis, a trend expected to continue over the long-term given the number of borrowers emerging from the Covid-19 crisis with more complex borrowing needs.

Steve Seal (pictured), managing director at Bluestone Mortgages, said: “Today’s figures are the result of the continued dedication of the Bluestone team, our funders and our intermediary partners. 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.

“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.”