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Mansfield launches resi. mortgage for home improvers

  • 13/01/2016
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Mansfield launches resi. mortgage for home improvers
Mansfield Building Society has launched a residential mortgage product to allow loans to be assessed against the improved valuation of a property after significant renovation.

The remortgage and purchase product is for clients investing to boost the value of a property.

Extra borrowing of over £15,000 is available, with cash-released over three stages after the initial loan completion. Final and interim Loan-to-Values will reflect the extent of the work undertaken.

The lender is offering a three-year discount rate at up to 80% LTV, on a rate of 1.60% below SVR (3.99% pay rate). The product has a £199 application fee and a £1,200 completion fee.

Product and marketing manager, Mike Taylor, said: “Despite government initiatives to create housing stock, affordability and house price inflation are not going to change dramatically in the short term.

“When lenders only allow borrowing against the current property value, it can restrict those with limited equity from accessing funds to make the improvements that they need. Rather than push people to short term credit, our individual underwriting expertise allows us to evaluate circumstances and to lend against the value of the property with the work completed.

We believe common sense lending like this can help under served niches realise their housing ambitions.”

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