Mansfield Building Society has posted “record-breaking” mortgage completions throughout 2015, with figures reaching £70m.
The annual results followed a strong performance in the first half of 2015, where Mansfield reported new mortgage lending growth of 49 per cent.
Mansfield saw a £18m rise in mortgage completions last year compared to 2014’s figure of £52m.
Last year, the lender made a number of changes to its lending criteria and mortgage products, with greater access to interest-only and increased geographical coverage for shared ownership.
According to chief executive Gev Lynott, the achievement is due to its focus on under served areas of the mortgage market, while also improving the service it provides to brokers and their customers.
He said: “We’re delighted with the completions growth achieved in 2015 as it shows that our strategy of focusing on common-sense underwriting provided by friendly and helpful staff is being well received.”
Despite helping some lenders to cut their operating costs, Mr Lynott claimed automated credit scoring systems alienate certain home owners, prospective buyers and property investors that don’t conform to this tick-box mentality.
“Our individual mortgage underwriting approach allows us to fully understand a customer’s circumstances and support their housing ambition - our strategy is evidently working,” he added.
Mr Lynott said Mansfield is hoping for continued mortgage growth throughout 2016 by improving the service it provides for both brokers and customers.
katherine.denham@ft.com
