New product targets borrowers with past credit issues
Mansfield Building Society has introduced a new long-term fixed rate mortgage as part of its Credit Repair range, aimed at borrowers with a history of credit difficulties.
The Credit Repair range is designed to assist borrowers dealing with past financial challenges, such as discharged bankruptcies from day one, individual voluntary arrangements (IVAs), up to £6,000 in county court judgments (CCJs) over 12 months old, active debt management plans (DMPs) older than six months with satisfactory conduct, previous repossessions more than two years old, and credit defaults up to £2,500 as recent as four months ago.
The new product offers a fixed rate of 6.39% until March 2030 on loans up to 70% loan-to-value (LTV). The mortgage includes no completion fee, a basic property valuation, and covers basic legal fees for remortgages in England and Wales. Affordability is assessed based on the pay rate, which provides enhanced affordability for borrowers.
Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, said the new product offers stability for borrowers seeking to rebuild their financial footing.
“We are proud to introduce this long-term fixed rate option for our Credit Repair borrowers,” he added. “By enabling affordability to be stressed at the pay rate, we’re offering long-term stability and a more accessible path for those who may have faced credit challenges in the past.
“This product demonstrates our ability to provide customer-first solutions that address our borrowers’ specific needs and empowers them to pursue their homeownership goals with confidence.”
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