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Mansfield BS updates lending policy to include 10-storey flats

  • 21/06/2024
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Mansfield BS updates lending policy to include 10-storey flats
Mansfield Building Society has changed its lending policy to allow lending against residential and buy-to-let (BTL) flats of up to 10 storeys.

This is an update from the previous allowance of properties up to a maximum of four storeys. The mutual will also now consider flats over commercial units and city centre flats, which will be underwritten on the same terms. 

Mansfield Building Society will lend on flats up to 90% loan to value (LTV) to residential borrowers and 75% LTV for BTL. For new-build flats that are fewer than 12 months old, it will lend up to 85% LTV and 70% LTV respectively. 

Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, said: “Mansfield Building Society is already well-known for our wide-ranging criteria that [support] unconventional circumstances, whether it’s income, credit history, capital-raising, debt consolidation and more. 

“Increasing the number of storeys for flats extends our appeal, particularly in cities, where high-rise blocks are an essential part of the property mix. We’re looking forward to offering our flexible lending approach to even more borrowers.” 

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