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Mansfield BS brings back high LTV remortgage with capital raising and debt consolidation

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  • 04/05/2022
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Mansfield BS brings back high LTV remortgage with capital raising and debt consolidation
Mansfield Building Society has relaunched capital raising and debt consolidation remortgages up to 90 per cent loan to value (LTV) to cater for an increase in customer activity .

The lender exited the 90 per cent LTV remortgage market at the end of March 2020.

It is available on the mutual’s standard residential range or on any products available up to remortgage.

The maximum loan size is £400,000, which is up from £300,000 previously, and there are no restrictions on the proportion of the loan amount being used for capital raising and debt consolidation.

The lender added that capital raising for business purposes is available in its Versatility range at 80 per cent LTV, which is aimed at applications which need individual underwriting.

It explained that as house prices continued to go up and energy costs impacted affordability, borrowers were looking for more ways to manage their expenditure by consolidating debt.

The mutual noted that borrowers were looking to release funds for several reasons, such as supporting people with a purchase.

Tom Denman-Molloy, intermediary sales manager for Mansfield Building Society, said the additional criteria at higher LTVs would be a “welcome addition” for brokers and give them more flexible options.

“With the rising costs of living at a time of further increases in house prices, intermediaries are in need of a range of solutions to help their clients borrow in the most effective way possible. This range of products introduces a new solution to them,” he said.

“We want to make a real difference to people’s lives and whilst the past couple of years have proven uncertain for many, by seeing the people beyond the profile we can not only enable borrowers to achieve their dreams and manage their costs, we can help brokers grow their businesses too.”

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