The Mansfield launches home improvement product
Mansfield Building Society has launched a specialist residential product assessed against the valuation of a property once improved.
The criteria enables an additional £15,000 of borrowing, with the amount released reflecting the financial and interim loan-to-value as well as the extent of the work.
The criteria is available on the society’s 3-year discount mortgage to 80% LTV at 3.99% with a £199 application fee and a £1,200 completion fee.
Mike Taylor, The Mansfield’s product and marketing manager, said: “Despite government initiatives to create housing stock, affordability and house price inflation are not going to change dramatically in the short term.
“When lenders only allow borrowing against the current property value, it can restrict those with limited equity from accessing funds to make the improvements that they need. Rather than push people to short term credit, our individual underwriting expertise allows us to evaluate circumstances and to lend against the value of the property with the work completed.
“We believe common sense lending like this can help underserved niches realise their housing ambitions.”