Mansfield Building Society has announced a series of criteria changes to support borrowers and widen access to its range of mortgage products.
The Society has returned its maximum LTV for debt consolidation to 90%, designed to open up more opportunity for homeowners looking to manage their finances through remortgaging.
Gifted deposits are also now accepted on credit repair cases, helping more families support loved ones with their homeownership plans, even where there have been historic credit blips.
Additional updates include standardising downsizing criteria across the UK, with a minimum equity requirement of £200,000 regardless of location, and removing the maximum age limit on buy-to-let applications, reflecting the investment-led nature of the 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.
“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.”
