Mansfield Building Society temporarily increases minimum loan size

08 October 2020

Mansfield Building Society has temporarily increased its minimum loan size to £100,000 for all mortgages (excluding Shared Ownership) on properties located outside of its Heartland Area. The action has been taken to help the Society respond to the exceptional demand it’s experiencing at this time.

Properties in Nottinghamshire, Derbyshire and South Yorkshire remain unaffected by the change, as do existing members of the Society.

National Development Manager, Paul Lewis, said that the Society was keen to take action to support service levels whilst keeping its doors open for the majority of new borrowers:

“As a lender, it’s important that we not only offer good value for borrowers looking to purchase or remortgage their property, but we also need to take steps to ensure that we can continue to offer the personal approach borrowers and mortgage brokers have come to expect from the Society.

Whilst it’s terrific that more and more people are turning to The Mansfield for our flexible approach, we also want to make sure that, as a building society, we continue to put people first. If that means temporarily restricting our availability, we believe it’s the right thing to do to ensure brokers and borrowers aren’t disadvantaged by the exceptional demand we’re seeing at the moment”.