The Nottingham-based Mansfield brand has been launched nationally in a bid to shine a light into the corners of the society’s expansive lending criteria and flexible approach to its case-by-case manual underwriting.
The range tailored to intermediaries targets individuals whose borrowing requirements are under served by mainstream lenders.
Niche sectors within the Versatility range include:
• FCA regulated (Family) buy to let mortgages
• self employed and contractors
• interest only, including property downsizing as a repayment strategy
• lending into and in retirement
• family assist mortgages
• property improvements and unusual property types, including
• credit criteria and income sources
The mutual, which launched in 1870, lends to 95% loan to value (LTV) and offers remortgages to 90% LTV, accepting family gifted deposits, Right to Buy and offering mates mortgages for up to four applicants.
National development manager, Steve Walton, said that Versatility would help brokers and mortgage desks identify niche solutions more easily.
“Brokers have told us that they value our individual underwriting approach and that our lending criteria helps them meet the needs of a wide range of circumstances that they face when dealing with clients on a day-to-day basis.
“So, we’ve launched Versatility because we want to shout about the ways we’re meeting these demands and highlight our expansive lending criteria which continues to be developed to support real life situations.
“Our personal approach and pragmatic attitude means that we are now better placed than ever before to help brokers find appropriate solutions that meet the diverse needs of today’s borrowers”.