Bluestep specialises in offering loans to individuals turned down by traditional banks as a result of the rigid policies and automated credit scoring systems used by these banks. At Bluestep we focus on the individual and look to assess their actual current income and future potential by having a detailed process in place whereby we can fully understand the financial situation of a customer or potential customer.
There are approximately 650 000 individuals in Sweden, 230 000 people in Norway, and 400 000 in Finland who have one or more payment remarks. A payment remark is a record kept by credit reference agencies, noting if you have not kept up with your payments. Most of these individuals will be systematically declined when applying for a mortgage or other types of loans from traditional banks, based purely on historic facts. In addition to this group, which includes people with debts remaining at the state controlled enforcement agencies (Kronofogdemyndigheten/Namsman), we also lend to people earning their income in other ways than traditional full-time employment.
At Bluestep we take pride in trying to truly understand a potential customer’s past, but more importantly, their current and expected financial capabilities going forward. The most common cause for payment remarks for our customers are unfortunate events such as divorce, illness, unemployment, failed business venture or loss of income.
Bluestep believes that by taking more time to understand our customer’s past and current situation, we are able to accept many more customers who may be working on an hourly contract, rely on regular overtime, work on a consultancy contract, earn commission, have investment income, are self-employed or have a limited and/or changing income history.
A detailed application and assessment process ensures that all customers and potential customers can afford to service both our loan and all other financial obligations that they have. All the standard mortgages we grant amortise over a maximum term of 40 years and Bluestep have not provided interest-only loans since 2010, irrespective of what the loan to value is. Bluestep has embraced and encouraged an amortisation culture for many years and this will continue to be the case.