Here’s a recent example of house purchase by a couple, where one of the applicants was in an established Debt Management Plan (DMP) as a result of a marital split:
- Loan amount £235,500 at 74% LTV
- Term – 34 years with the oldest applicant aged 36
- Applicant still remained on the former marital home mortgage
- The applicant plans to sell off the former marital home and repay all debts on the DMP
Any adverse criteria must be linked to a single life event with a full acceptable explanation. If an application contains criteria in more than one Versatility category, underwriter discretion will apply. All applications are subject to individual assessment and underwriting.
Our full range of Versatility products is available online via our intermediary mortgages page. Take a look at our criteria guide to see what we can do for your clients.
A common sense approach
If you’ve got a case on your desk that requires a common-sense approach to lending then please pick up the phone to our Broker Support team on 01623 676360 or visit https://www.mansfieldbs.co.uk/intermediaries/.
