Mansfield increased lending by 24pc in 2012
Chief executive Gev Lynott said: “We have given particular focus to helping people with low deposits to put down for their mortgage. We also continue to develop our activities in the self build, shared ownership and buy to let sectors as part of our strategy to support underserved markets with new and innovative products. The increased lending was funded by attracting new savings balances from both personal and corporate savers.”
Gev told an attentive audience that there are still opportunities for The Mansfield to grow and strengthen further saying: “We are developing the business by focusing on The Mansfield’s core strength of providing mortgages backed by a full manual underwriting approach which allows us to go beyond the point where other larger lenders automated scoring systems do not cope with complex, but fundamentally sound, mortgage applications.
“We have been proactive in offering low deposit mortgages to those that can afford the monthly repayments but struggle to raise the cash deposit required.
“High percentage lending requires careful consideration but the mortgage team possess the skills, knowledge and experience to ensure that risks are properly managed. The attributes of the team, together with insurance cover, ensures that the financial stability of the Society is not compromised by higher percentage lending.”