The range aims to cater for clients with complex circumstances
To make it easier for brokers to access mortgage products for clients with complex circumstances, Mansfield Building Society has launched an enhanced and simplified Versatility range.
The lender said the revamped Versatility range features simplified categories, with two tiers, Versatility and Versatility Plus, to cater for a wide range of customer scenarios.
Enhanced criteria up to 85% loan-to-value (LTV) is available for contracted employees, zero hours contracts with limited income history, and remortgages for business purposes, including repaying a business loan. In addition, non-standard construction and property designs are now accepted, as well as Section 106 and Section 75 agreements.
In the Versatility Plus category, discounted purchases up to a maximum 80% LTV, from a landlord or family member, can be accessed up to 100% of the discounted price, while Right to Buy is now available at 110% on Versatility Plus and 100% in the Versatility category.
For customers with historic credit blips, the range now accepts more occurrences of missed payments, as long as the account is up to date and has not been more than two months in arrears. Discharged IVA and bankruptcy requirements have been reduced, and customers with CCJs can now access up to 85% LTV.
The range is available for both purchase and remortgage options, including lending into retirement, interest only, capital raising and debt consolidation. Mortgages are available across England, Wales, and Scotland, subject to postcode restrictions in Scotland.
“With demand for property continuing to exceed supply, combined with an increase in alternative construction methods, self-employment and missed credit payments following the recent economic turmoil, customer requirements are becoming ever more complicated,” Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, said.
“Our Versatility range provides a flexible and versatile approach to lending that makes it easy for brokers to find a home for those complicated cases, and this new simplified range makes the whole process more straightforward, with just two criteria categories that cover a broad range of circumstances.”
