Mansfield Building Society has unveiled its new Credit Repair mortgage proposition. This initiative is specifically designed to assist borrowers in financial hardships improve their credit ratings.
Targeting Past Credit Challenges
Recognising the difficulties faced by individuals with a history of credit problems, such as missed payments, defaults, county court judgments (CCJs), or even bankruptcy, Mansfield’s product range offers a much-needed reprieve. Additionally, it caters to those currently engaged in active debt management plans (DMPs), providing a path towards financial recovery.
New Products at a Glance
Mansfield’s Credit Repair product is accessible via two innovative products, offering up to 70% loan-to-value (LTV). Borrowers can choose between:
- A 2-Year Fixed Rate Option – Priced at 7.99%, this option provides stability and predictability in repayments.
- A 2-Year Discounted Rate Option – Set at 1.40% below the Standard Variable Rate (SVR), currently 7.49%, this option offers a more flexible rate.
Importantly, both products come with no completion fee, making them more accessible to those already under financial strain.
Expanding Reach and Support
Tom Denman-Molloy, the Intermediary Sales Manager at Mansfield, expressed optimism about the new products. He highlighted their potential to extend Mansfield’s reach and assist a broader spectrum of borrowers, “The new products create a great opportunity for The Mansfield to expand its reach and help more borrowers to get access to products they need. Our Versatility range has been a terrific success. We’ve been monitoring feedback from brokers as well as how borrowers have responded through the product life cycle, and we can see just how well our flexible approach helps borrowers that don’t fit the high streets’ tick box mentality.”