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Mansfield BS sees mortgage completions hit record-high of £70m

  • 08/02/2016
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Mansfield BS sees mortgage completions hit record-high of £70m
Mansfield Building Society's mortgage completions reached their highest level last year climbing to £70m, a jump of £18m compared to 2014's figure of £52m.

The record figure follows a strong performance in H1 2015, in which the building society reported mortgage lending growth of 49%.

Gev Lynott, chief executive of the Mansfield, said the achievement was the result of a targeted approach, which focuses on underserved areas of the mortgage market, and ‘common-sense’ underwriting.

“While automated credit scoring systems may enable some lenders to cut their operating costs, lenders like the Mansfield recognise that in the real world, this kind of strategy has alienated some perfectly responsible homeowners, prospective buyers and property investors that don’t conform to this tick-box mentality,” he said.

The Mansfield made a number of changes to its lending criteria last year, including an interest-only product for downsizing, and a buy-to-let mortgage for ex-pat landlords.

It also made changes to its underwriting, mortgage processing and intermediary support teams, and began a process of improving its online mortgage system for brokers.

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