Mansfield Building Society unveils a long-term fixed-rate mortgage within its Credit Repair range, aimed at aiding those with previous credit issues.
- The new product offers a 6.39% fixed rate until March 2030, catering to a range of previous credit difficulties, including bankruptcies and IVAs.
- Borrowers with CCJs, past repossessions, or recent defaults may benefit from this mortgage option, which offers up to 70% LTV without a completion fee.
- The package includes necessary property valuations and remortgage legal fees in England and Wales, enhancing its appeal.
- Intermediary sales head highlights the product’s role in providing stability and fostering homeownership for those overcoming financial hurdles.
Mansfield Building Society has introduced a long-term fixed rate mortgage specifically tailored for borrowers who have encountered credit issues in their past. This product is part of their Credit Repair range, designed to support individuals recovering from financial challenges. The mortgage provides a competitive interest rate of 6.39% fixed until 31st March 2030 and is available on loans up to 70% loan-to-value.
This new offering is designed to accommodate a spectrum of credit difficulties. It allows for cases such as discharged bankrupt individuals from day one, existing Individual Voluntary Arrangements (IVAs), and up to £6,000 in County Court Judgements (CCJs) that are over a year old. It further accepts borrowers with active Debt Management Plans (DMPs) older than six months, as long as their conduct is deemed satisfactory. Previous property repossessions over two years old and defaults as recent as four months ago, provided they amount to a maximum of £2,500, are also considered.
The mortgage product, by not incorporating a completion fee and including basic property valuation and legal fees for remortgages in England and Wales, adds value to the borrower’s package. This strategic approach by Mansfield aims to make the path to homeownership more attainable for individuals with a challenging credit history.
Tom Denman-Molloy, the intermediary sales manager, stated, “We are proud to introduce this long-term fixed-rate option for our Credit Repair borrowers. By enabling affordability to be stressed at the pay rate, we’re offering long-term stability and a more accessible path for those who may have faced credit challenges in the past.” His remarks underscore the commitment to crafting customer-focused solutions that align with the specific needs of borrowers, empowering them in their homeownership journey.
Mansfield’s new product underscores its commitment to addressing the complex needs of credit-challenged borrowers, providing an accessible pathway to homeownership.
