Mansfield updates lending policy to include 10 storey flats

21 June 2024

Mansfield Building Society has extended the range of property types on its owner-occupied residential and buy to let (BTL) product range to include flats of up to 10 storeys.

The changes improve on the previous maximum allowance of four storeys and the improvements includes flats over commercial units and city centre flats, which will be underwritten on the same terms.

Flats are available up to a maximum of 90% LTV for residential and 75% LTV on BTL with new build flats (less than 12 months old) available at a lower LTV of 85% for residential and 70% LTV for BTL.

Commenting on the changes, Intermediary Sales Manager, Tom Denman-Molloy said:

“Mansfield Building Society is already well-known for our wide-ranging criteria that supports unconventional circumstances, whether it’s income, credit history, capital raising, debt consolidation and more.

Increasing the number of storeys for flats extends our appeal, particularly in cities, where high-rise blocks are an essential part of the property mix. We’re looking forward to offering our flexible lending approach to even more borrowers.”