Mansfield Building Society launches long-term fixed rate product for Credit Repair borrowers

18 November 2024

Mansfield Building Society has announced the launch of a new long-term fixed rate product to its Credit Repair range, designed specifically for borrowers who have faced credit challenges.

The Credit Repair range allows the Society to support borrowers with past credit issues, including discharged bankrupt from day one, existing IVAs, up to £6,000 in CCJs (over 12 months old), active DMPs older than six months with satisfactory conduct, previous repossessions over two years old, and defaults as recent as four months ago (maximum £2,500 on credit defaults).

The new Credit Repair product also offers enhanced affordability due to the affordability being assessed on the pay rate.

The product offers a fixed rate of 6.39% until 31 March 2030 on loans up to 70% loan-to-value (LTV) with no completion fee. It includes a basic property valuation, and basic legal fees are covered for remortgages in England and Wales.

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

“We are proud to introduce this long-term fixed-rate option for our Credit Repair borrowers. By enabling affordability to be stressed at the pay rate, we’re offering long term stability and a more accessible path for those who may have faced credit challenges in the past.

“This product demonstrates our ability to provide customer-first solutions that address our borrowers’ specific needs and empowers them to pursue their homeownership goals with confidence.”

For more information on Mansfield Building Society’s new Credit Repair product, please visit www.mansfieldbs.co.uk.