Mansfield Building Society launches enhanced and simplified Versatility range
04 January 2023
Mansfield Building Society has launched a simplified Versatility range, making it even easier for brokers to access the lender’s flexible approach for clients with complex circumstances.
The revamped Versatility range features simplified categories, with two tiers, Versatility and Versatility Plus, to cater for a wide range of customer scenarios.
Enhanced criteria up to 85% LTV is available for contracted employees, zero hours contracts with limited income history, and remortgages for business purposes, including repaying a business loan. In addition, non-standard construction and property designs are now accepted as well as Section 106 and Section 75 agreements.
In the Versatility Plus category, discounted purchases up to a maximum 80% LTV, from a landlord or family member can be accessed up to 100% of the discounted price, whilst Right to Buy is now available at 110% on Versatility Plus and 100% in the Versatility category.
For customers with historic credit blips, the range now accepts more occurrences of missed payments as long as the account is up to date and has not been more than 2 months in arrears. Discharged IVA and bankruptcy requirements have been reduced and customers with CCJs can now access up to 85% LTV.
The range is available for both purchase and remortgage options, including lending into retirement, interest only, capital raising and debt consolidation. Mortgages are available across England, Wales and Scotland, subject to postcode restrictions in Scotland.
Tom Denman-Molloy, Intermediary Sales Manager, Mansfield Building Society, says:
“With demand for property continuing to exceed supply, combined with an increase in alternative construction methods, self-employment and missed credit payments following the recent economic turmoil, customer requirements are becoming ever more complicated.
Our Versatility range provides a flexible and versatile approach to lending that makes it easy for brokers to find a home for those complicated cases, and this new simplified range makes the whole process more straightforward, with just two criteria categories that cover a broad range of circumstances.
The new Versatility and Versatility Plus options are still supported by Mansfield’s famed flexible approach and common sense underwriting, and now provide even more options particularly for unusual property types and incomes, and those with historic credit blips.”
