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Mansfield BS broadens BTL and residential criteria

  • 19/05/2022
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Mansfield BS broadens BTL and residential criteria
The Mansfield Building Society has made a number of changes to its buy-to-let and residential criteria, which highlight its “increasing lending appetite”.

On the BTL side, the lender has increased its maximum loan to value (LTV) to 80 per cent, up from 75 per cent.

It will accept first-time landlords and has cut the minimum age to 21.

For experienced landlords, the lender said it would accept gifted deposits.

The mutual has also changed its residential criteria to further embrace the growing number of complex cases. It now allows zero hours contracts and piece rate work up to 95 per cent LTV, subject to three years’ income over 80 per cent LTV, and two years’ income up to 80 per cent LTV. Mansfield will also accept employment within a probationary period, as long as there is a “track record of a similar position”.

It added that income umbrellas will be considered in its residential range.

For properties, it will lend on new build properties up to 90 per cent LTV and consider Grade 1 Listed buildings.

Tom Denman-Molloy, intermediary sales manager at Mansfield Building Society, said: “These changes to our BTL and residential criteria highlight our increasing lending appetite.

“Mansfield takes an individual approach to underwriting and we embrace diverse circumstances as much as possible. These enhancements to criteria and an increase in maximum LTV for BTL mean we will consider even more applications and help brokers find solutions for their clients with our versatile lending approach.”

He added: “We anticipate increased demand for our products following these changes and brokers can expect further updates to our offering over the coming weeks.”

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