Tony Salentino, Complete FS director, said Mansfield was part of the welcome movement among smaller lenders to place underwriting in the hands of experienced human underwriters to counter the pervasive mechanisation of underwriting as practiced by large lenders, which has made the mortgage process such a lottery for broker and their clients.
He said: “At our Complete broker event earlier this year we made a commitment to intermediaries that we would add lenders to our panel not only to add product value but also because they would consider applications sympathetically where there had been previous difficulties.
“Therefore we are delighted to start the year with positive news by adding Mansfield Building Society to our growing lender panel.
“We now have another lender which believes in individual underwriting and assessment of a client’s situation and circumstances. Mansfield has a proven track record of offering a bespoke underwriting approach which fits in perfectly with our lender model.”
Mike Taylor, sales and marketing manager at Mansfield, added: “Our philosophy at Mansfield Building Society is built on treating each client as an individual, which means we take the trouble to look at each application in a way that gives us the best insight into a customer’s circumstances. It is our contention that this can only be achieved by having a trained underwriter look at each application. We look forward to working with Complete FS and its broker introducers.”
Main features include:
• No credit scoring
• All applications individually assessed
• CCJ’s over 3 years old ignored
• CCJ’s up to £500 in total in the last 3 years considered
• Defaults over 6 months old considered
• Interest Only mortgages up to the age of 85 considered
• Loans up to £300,000 up to 75% LTV or £400,000 to 70% LTV
• Rates from 5.59% SVR
