The new proposition can be accessed from two new products up to 70% LTV
Mansfield Building Society has unveiled its Credit Repair proposition, designed to assist borrowers in resolving past credit issues.
The newly introduced product range, the lender said, is a significant development for individuals facing challenges such as missed payments, defaults, county court judgments, and even bankruptcy, as well as those actively managing their debts.
The building society added that it recognised the growing need for a more compassionate approach from lenders amid prevailing economic conditions. With the ongoing strain on household budgets due to the persistent cost-of-living pressures, the mutual aims to provide a solution for borrowers navigating financial difficulties.
The Credit Repair proposition offers access to two new products with up to 70% loan-to-value (LTV). Borrowers can choose between a two-year fixed rate at 7.99% or a two-year discounted rate at 1.40% below the standard variable rate (SVR), currently at 7.49% variable. Both products have no completion fees.
“The new products create a great opportunity for The Mansfield to expand its reach and help more borrowers to get access to products they need,” Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, commented. “Our Versatility range has been a terrific success.
“We’ve been monitoring feedback from brokers, as well as how borrowers have responded through the product life cycle, and we can see just how well our flexible approach helps borrowers that don’t fit the high streets’ tick box mentality. The introduction of our new Credit Repair range allows us to extend our approach into a population of underserved borrowers that really need a helping hand currently.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
