The mutual will now allow all applicants to use 50 per cent of their regular bonus, overtime and commission payments in affordability calculations.
It previously limited the eligibility of additional annual income to just key workers in response to closures and the number of industries putting their staff on furlough last year.
Mansfield Building Society has also extended its criteria to allow up to 20 per cent of the mortgage loan to be available for debt consolidation within its versatility range.
This range is for borrowers with impaired credit. The mutual already allows up to 10 per cent of a mortgage loan to be used for debt consolidation on its prime mortgages.
Andy Alvarez, head of mortgage sales at Mansfield Building Society, said this was a welcome return to the mutual’s usual approach to income and debt consolidation.
“Our latest criteria changes offer increased flexibility for applicants who are looking to get more from a lender. We’re really pleased to be able to offer these solutions and they show our commitment to versatile common sense lending.
“We have made the effort to seek out the barriers that are being faced by our brokers and we have reacted to this feedback.”
“Based on what we have heard, we feel that our brokers will be enthusiastic about the potential these changes will bring and would encourage them to come forward if they have quirky cases that would benefit from our approach regardless of complexity.
“We hear a lot about common sense approaches to lending within the industry and strongly feel that we should ensure we use every opportunity to demonstrate it,” he added.
