Mansfield Building Society has unveiled its innovative Credit Repair mortgage proposition. This initiative emerges as a beacon of hope for borrowers whose financial journeys have been marred by past credit challenges, such as missed payments, defaults, county court judgements (CCJs), and even bankruptcy. It also extends a helping hand to those currently dealing with debt management plans (DMPs).
The timing of this launch couldn’t be more critical. With the current economic climate showing no signs of immediate improvement, household budgets across the nation are under severe strain. The cost of living crisis is a reality for many, and Mansfield Building Society recognises the growing need for lenders to adopt a more empathetic and understanding stance towards borrowers in distress.
This much-needed relief comes in the form of two newly introduced products, both offering up to 70% loan-to-value (LTV) financing options. Borrowers can choose between a 2-year fixed rate at a competitive 7.99%, or a 2-year discounted rate, which is 1.40% below the Standard Variable Rate (SVR) of 7.49%. In a move to further alleviate financial burdens, both products are designed with no completion fee.
A Step Towards Inclusivity and Flexibility
Tom Denman-Molloy, the Intermediary Sales Manager at Mansfield, emphasised the significance of these new products. He noted that they represent a fantastic opportunity for The Mansfield to broaden its impact and assist a greater number of borrowers in accessing essential financial products. The success of their Versatility range has been a testament to the effectiveness of a flexible approach, particularly for those who find the rigid criteria of mainstream lenders unfeasible.
Denman-Molloy highlighted that the feedback from brokers and borrowers alike has been instrumental in shaping this initiative. It is clear that there is a substantial segment of the population, currently underserved, that is in dire need of such supportive financial solutions.