Mansfield cuts discounted rate for versatility products

Michael Lloyd

February 14, 2019

Mansfield Building Society has cut rates across its versatility discounted mortgage product range by 0.16%, with pricing now starting at 3.49% up to 4.49% variable.

Versatility is The Mansfield’s range of mortgage products where an application may need more individual underwriting expertise.

The range is split into four bands: mortgages for those with a limited employment or self-employed history, mortgages on unusual property types and historic credit criteria relating to a life event.

Paul Lewis, national development manager at The Mansfield, said: “Our versatility range does exactly what it says on the tin, utilising our highly-experienced underwriters to take a view on those cases that are not ‘vanilla’ where there is an added degree of complexity around the borrower’s circumstances – be that their financial history, job situation or the type of property they are looking to purchase or remortgage.

“We want to ensure that, where possible, borrowers do not slip through the net simply because they do not fit standard lending practice.

“In this day and age an increasing number of borrowers no longer fit this ‘mainstream’ tag but still represent good quality lending opportunities; the important thing is that we take a common sense view of all the details of a case when making a decision.

“The cutting of our discounted rates for versatility makes our range even more competitive and, together with the fixed rates available, offer flexibility to clients and advisers who are seeking loans that might be viewed as outside the norm.”

The versatility range also caters for borrowers who have gifted deposits, those who are purchasing at a discounted price, from family or a landlord, plus those who are buying through the Right to Buy scheme.

The product range offers fixed and discounted rates on both a capital repayment and interest-only basis up to age 85, including a maximum 70% LTV for borrowers between age 70 and 85.

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