Mansfield Building Society has made positive changes to its buy-to-let and residential criteria including an increase to its maximum buy-to-let loan to value (LTV) from 75% to 80% on selected products.

With buy-to-let, the Society has reduced the minimum age for applicants to 21 and can now accept first-time landlords. If the applicant is not a first-time landlord, The Mansfield can now also accept gifted deposits.

In addition, The Mansfield has further improved its residential mortgage criteria for both income and property. On the income side, it will allow zero hours contracts and piece rate work up to 95% LTV, subject to three years income over 80% LTV and two years income up to 80% LTV. It will also allow employment within a probationary period, where there is a track record of a similar position, and income from umbrella companies will be considered.

For properties, it will lend on new build properties up to 90% LTV and consider Grade 1 Listed buildings.

Tom Denman-Molloy, Intermediary Sales Manager, Mansfield Building Society, commented:

“These changes to our buy-to-let and residential criteria highlight our increasing lending appetite. Mansfield Building Society takes an individual approach to underwriting and we embrace diverse circumstances as much as possible. These enhancements to criteria and an increase in maximum LTV for buy-to-let mean we will consider even more applications and help brokers find solutions for their clients with our versatile lending approach.

We anticipate increased demand for our products following these changes and brokers can expect further updates to our offering over the coming weeks.”

-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.