Mansfield announces 4.6% mortgage growth and record £2.9m profit

29 April 2022

Mansfield Building Society announced mortgage growth of 4.6% and record profit of £2.9million in its 2021 year-end results.

The mutual, based in north Nottinghamshire, lent over £87million in new advances to borrowers attracted by the Society’s flexible and personal approach to lending, including its Versatility range which caters for more complex circumstances.

In addition to its financial success, the Society completed a £200,000 investment in the refurbishment of its Head Office premises, creating a modern, open plan, mortgage processing centre that brings together its sales, processing and underwriting teams.

Additional investment in the Society’s online savings platform capped off a strong performance.

Chief Executive, Paul Wheeler, said the Society remained focused on meeting the real-life needs of borrowers, and investment in its mortgage operation would help deliver a step change in its service proposition, enabling the Society to continue to deliver its ambitious growth plans now and in future:

“At The Mansfield, we treat people as individuals and encourage our experienced mortgage team to consider each application on its merit rather than relying on automated credit scorecards. Feedback suggests that this is well-received by brokers and borrowers who are looking for a lender that takes a common sense view, particularly given the recent impact of the pandemic.

Our continued success means that we are able to invest in the business, improving our service proposition and ensuring that the Society is well placed to face into any future headwinds.

The team here have been outstanding in not only meeting the challenges brought about by the pandemic but also in delivering continued success throughout this challenging period. Whilst I’m proud of what we’ve achieved, more importantly, I’m excited about our future plans and what this means to our members, colleagues and broker partners.”