The products also come without a completion fee while basic legal fees are covered for remortgages
Mansfield Building Society has announced rate reductions on its credit repair mortgage products by as much as 60 basis points.
The products, designed for borrowers with credit issues such as missed payments, defaults, debt management plans, and bankruptcy, are available at up to 70% loan-to-value (LTV).
The updated product range includes a two-year fixed rate mortgage at 7.39% and a two-year discounted variable rate mortgage, which is 1.70% below the mutual’s standard variable rate (SVR), effectively setting the current payment rate at 7.19%.
The credit repair mortgage products, launched early this year, come without a completion fee, and basic legal fees are covered for remortgages on properties in England and Wales.
Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, stated that the lowered rates are intended to benefit individuals exploring their mortgage options, particularly those in need of additional support to recover financially.
“Although bank rate appears to be stabilising and inflation reducing, cost increases continue to put pressure on household expenditure,” he said. “We want to make sure we’re doing everything we can to help everyday borrowers with their mortgage needs, making it more cost effective for borrowers to access our expansive criteria and flexible underwriting approach.”
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