The lender said that the range would offer “welcome relied” for borrowers who have “past credit problems resulting in missed payments, defaults, county court judgements and even bankruptcy, as well as those currently seeking relief through active debt management plans”.
Mansfield Building Society said that current economic conditions will continue there may be more borrowers who need a more “sympathetic approach” to their circumstances.
The range has two products up to 70 per cent loan to value (LTV) with a two-year fixed rate at 7.99 per cent and a two-year discounted rate at 1.4 per cent below the standard variable rate, which stands at 7.49 per cent. Both have no completion fee.
Tom Denman-Molloy, Mansfield Building Society’s intermediary sales manager, said: “The new products create a great opportunity for The Mansfield to expand its reach and help more borrowers to get access to products they need.
“Our versatility range has been a terrific success. We’ve been monitoring feedback from brokers as well as how borrowers have responded through the product life cycle, and we can see just how well our flexible approach helps borrowers that don’t fit the high streets’ tick box mentality.
“The introduction of our new credit repair range allows us to extend our approach into a population of underserved borrowers that really need a helping hand currently.”
Mansfield Building Society recently reintroduced residential mortgages linked to a lifetime discount follow-on rate.
