Mansfield Building Society unveils a fixed rate product targeting those with past credit issues.
- Long-term stability is the key offering of this new product launched by Mansfield.
- Borrowers with a history of credit setbacks are the primary beneficiaries.
- The fixed rate of 6.39% is available until 2030, offering security.
- No completion fee enhances the accessibility of this mortgage option.
Mansfield Building Society has introduced a new long-term fixed rate product specifically designed to aid borrowers who have experienced credit troubles. This initiative caters to individuals looking to stabilise their financial future despite previous challenges.
The product stands out by offering a fixed interest rate of 6.39%, valid until 31st March 2030, on loans up to 70% loan-to-value. This provides significant financial predictability for borrowers, a crucial element for those rebuilding credit.
Eligible borrowers include those with previous financial difficulties, such as discharged bankruptcies and County Court Judgements exceeding £6,000 that are over a year old. Additionally, borrowers with active Debt Management Plans older than six months, previous repossessions dating back over two years, and recent credit defaults under £2,500 may also qualify.
This fixed-rate product is designed with no completion fee, making it an attractive option. It also includes a basic property valuation and covers basic legal fees for remortgages conducted in England and Wales. These features aim to lower the barrier to entry for individuals who are on the path to credit recovery.
Tom Denman-Molloy, the intermediary sales manager at Mansfield Building Society, highlighted the product’s role in providing a secure and accessible route to homeownership. He commented on the importance of affordability by stating: “By enabling affordability to be stressed at the pay rate, we’re offering long term stability and a more accessible path.”
Mansfield’s new offering serves as a critical tool in helping individuals achieve homeownership despite past financial issues.
