Mansfield Building Society has relaunched capital raising and debt consolidation remortgages up to 90% LTV in response to a surge in activity as customers seek to beat off interest rate rises.

Lending is available on the Society’s standard residential range, on any products available for remortgage, up to 90% LTV with a maximum loan size of £400k and there are no restrictions on the proportion of the loan amount being used for these purposes. Capital raising for business purposes is also available up to 80% LTV on the Society’s Versatility range.

With house prices continuing to soar and rising energy costs hitting affordability, borrowers are increasingly looking for ways to manage their monthly outgoings by consolidating their debts.  They are also looking to release funds for a number of reasons, including supporting loved ones with a major purchase or to get on to the housing ladder.

Tom Denman-Molloy, Intermediary Sales Manager for the Society, said the added criteria at higher LTVs would be a welcome addition for intermediaries, giving borrowers flexible options:

“With the rising costs of living at a time of further increases in house prices, intermediaries are in need of a range of solutions to help their clients borrow in the most effective way possible. This range of products introduces a new solution to them.

We want to make a real difference to people’s lives and whilst the past couple of years have proven uncertain for many, by seeing the people beyond the profile we can not only enable borrowers to achieve their dreams and manage their costs, we can help brokers grow their businesses too.”

-ENDS-

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Notes to Editors:

Mansfield Building Society can trace its history back for 150 years and celebrated its 150th anniversary in 2020. It formed as a mutual and still works for the exclusive benefit of its members. As a mutual, there are no shareholders and therefore no dividends to pay.

Mansfield Building Society offers a range of residential and Buy to Let products. All mortgages are individually underwritten without the use of automated credit scoring systems. Each application is assessed on its own merits by people and the Society is committed to developing a personal service and relationship with its brokers and customers.

As well as residential purchase mortgages to 95% loan to value and remortgages to 90% loan to value, the Society’s individual underwriting is able to account for niche lending needs. These include support for First Time Buyers (eg family gifted deposits, Right to Buy and mortgages for up to 4 applicants), lending into retirement, Shared Ownership, property improvement, interest only, Let to Buy and Regulated Buy to Let mortgages.

The Mansfield has a dedicated Intermediary Sales Support team available 5 days a week, Mon to Fri 9.00am* – 5.00pm (*Weds from 10am). Brokers can call 01623 676360 or email brokers@mansfieldbs.co.uk to make enquiries.

The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.