Good news for borrowers with dodgy credit histories! Mansfield Building Society has slashed mortgage rates by up to 0.4%, making it easier to get on the property ladder, even if you’ve had financial struggles in the past.
The building society has reduced rates on two types of mortgages:
- Versatility Mortgages: These are designed for people with unusual circumstances, like having a short work history or owning a unique property.
- Credit Repair Mortgages: These cater to people who are getting back on their feet after previous credit problems.
Versatility Range Gets Cheaper
Here’s a breakdown of the new rates for Versatility mortgages:
- Two-year fixed rate up to 80% LTV: Down from 6.79% to 6.39% – That’s a chunky saving of 0.4%!
- Two-year fixed rate up to 85% LTV: Now starts at 6.79%
- Versatility Plus (for more complex cases) up to 80% LTV: Also starts at 6.79% for a two-year fix.
These mortgages are perfect if you’re:
- Self-employed with only one year of accounts
- Stuck in a job with an unusual employment history
- Looking to buy a non-standard property
Credit Repair Rates Slashed
For those needing a helping hand with their credit history, Credit Repair mortgage rates now look like this:
- Two-year discounted variable rate up to 70% LTV: From 6.75%
- Two-year fixed rate up to 70% LTV: From 6.99%
Mansfield is willing to consider borrowers with:
- Active debt management plans (over six months old)
- Defaults older than three months
- Discharged bankruptcy
Mansfield: Helping You Get Mortgage-Ready
Tom Denman-Molloy, the man in charge of sales at the Mansfield, said: “We want to help those who are often ignored by the big banks because of their circumstances. Our rates are competitive, and we look at each application individually.”
So, if you’ve been struggling to get a mortgage because of your financial past, now could be the perfect time to check out what Mansfield has to offer.