Mansfield Building Society unveils a long-term fixed rate mortgage catering to Credit Repair borrowers.
- The product addresses the needs of those with past credit difficulties, offering stability until 2030.
- Key features include a fixed interest rate of 6.39% and up to 70% loan-to-value.
- Borrowers can benefit without a completion fee, including free valuation and legal fees for remortgages.
- This move supports those with credit issues in achieving homeownership goals with more confidence.
Mansfield Building Society has introduced a fixed rate mortgage to its Credit Repair range, meant for borrowers who have encountered credit challenges in the past. This initiative focuses on helping individuals who have had difficulties such as discharged bankruptcy, County Court Judgements (CCJs), and defaults in their credit history to secure loans more easily.
The mortgage product offers a fixed interest rate of 6.39% up until the 31st of March, 2030, accommodating loans up to 70% loan-to-value (LTV). Such details present a structured financial offering intended to provide long-term stability and predictability for borrowers who require support due to historical financial issues.
Significantly, there are no completion fees associated with this mortgage, easing the financial burden on applicants. The product further encompasses a basic property valuation and covers basic legal fees for remortgages in England and Wales, adding to its attractiveness and practicality for potential homeowners.
Tom Denman-Molloy, the intermediary sales manager, expressed pride in this new mortgage option, emphasising how it aligns with their mission to offer solutions that cater to their customers’ specific needs. By stressing affordability at the pay rate, the product aims to offer long-term stability and an accessible route to homeownership for those who have faced credit difficulties previously.
Overall, this mortgage product underscores Mansfield Building Society’s commitment to facilitating pathways to homeownership for those hoping to overcome past credit challenges.
Mansfield’s latest mortgage product provides hope for borrowers with credit challenges, reinforcing pathways to homeownership.
