The maximum LTV for debt consolidation has been returned to 90%, which the lender said would “open up more opportunity for homeowners looking to manage their finances through remortgaging”.
Mansfield Building Society said it would also accept gifted deposits for credit repair cases, which would help support more with homeownership even if they have credit blips.
Standard downsizing criteria across the UK have been changed, so there is a minimum equity requirement of £200,000 regardless of location.
Mansfield Building Society has also removed the maximum age limit of BTL applicants, which it said reflected the “investment-led nature of lending”.
Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, said: “Improving access to mortgage finance remains a core focus for us, particularly in areas where borrowers can often find themselves excluded by mainstream criteria. These latest updates are designed to offer greater flexibility on cases such as debt consolidation, credit repair, and later life lending.
Shawbrook is the specialist mortgage sector’s ‘best kept secret’ – Sard
Sponsored by Shawbrook Bank
“These criteria enhancements give advisers additional ways to secure good outcomes for clients who may not tick the traditional boxes but still represent common-sense lending opportunities.”
At the beginning of the year, the firm cut discounted variable rates.
