Mansfield Building Society adds eight mortgage products

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Mansfield Building Society adds eight mortgage products

Mansfield Building Society has extended its Versatility specialist lending range by adding eight mortgage products.

The products are spread across four tiers of lending complexity with each tier offering both a fixed rate and a discounted variable rate option. 

As well as dealing with the self-employed and contractors with limited income history and unusual property types, Versatility offers a more sympathetic view on historic credit difficulties and a general simplification of products and criteria.

Mike Taylor, head of products and savings at Mansfield, said the update would help showcase the Mansfield's versatile approach to mortgage lending and bring together the building society’s extensive range of solutions under the Versatility umbrella.

He added: "By simplifying and expanding our criteria and adding more pricing options, we are increasing the range of solutions available to meet clients’ real life mortgage needs, providing brokers and their clients far greater choice.

"Our latest development shows how committed we are to maintaining a personal and pragmatic approach to mortgage lending."

The new products will be marketed exclusively through Legal & General Mortgage Club.

Danny Belton, head of lender relationships at Legal & General, said the move demonstrated the value regional building societies offer with their individual approach to underwriting.

He added: "We’re delighted that The Mansfield has chosen Legal & General Mortgage Club to be one of the first to market its new Versatility range, this is a real boost for our brokers.

"Regional building societies are well-renowned for supporting the wider mortgage market and this move from The Mansfield shows how they are supporting brokers and helping them meet their clients’ needs."

Steven Sibley, IFA at Highclere Financial Services, said: "This seems like a very good idea from Mansfield Building Society.

"Unfortunately, since the introduction of credit scoring, it has become much more difficult for non-mainstream applicants to obtain a mortgage, especially if their income has fluctuated over the last few years or they have incurred financial difficulties in the past.

"In my opinion, any lender that moves away from the regimental credit score tick box approach will be welcomed by applicants and advisers alike.”

aamina.zafar@ft.com