Good news for anyone with less-than-perfect credit looking to get on the property ladder! Mansfield Building Society has announced cuts to mortgage rates, making it easier for people with a history of debt or unusual financial situations to secure a home loan.
Big Savings on Offer
The building society has reduced rates across its range of mortgages designed for people who might struggle to get approved by other lenders. These cuts mean some borrowers could save up to 0.4% on their interest rate – that’s a potential saving of hundreds of pounds every year!
What mortgages are affected?
The biggest savings are on Mansfield’s “Versatility” mortgages, designed for borrowers with a range of circumstances, including those with small deposits:
- Two-year fixed rate Versatility up to 80% LTV: This rate has been slashed from 6.79% to 6.39%
- Two-year fixed rate Versatility up to 85% LTV: Now starting at 6.79%
- Two-year fixed rate Versatility Plus mortgage to 80% LTV: Also now starting at 6.79%
Help for Borrowers with Credit Issues
Mansfield is also offering a lifeline to people with past credit problems. The building society has reduced rates on its “credit repair” mortgages, aimed at people who might have missed repayments in the past. These include:
- Two-year discounted rate up to 70% LTV: Now starting from 6.75% (variable)
- Two-year fixed rate up to 70% LTV: Now available from 6.99%
Who could benefit?
These rate cuts could be a major boost for borrowers who may have previously been turned away by other lenders. Mansfield says it is particularly keen to help people with:
- Limited employment history
- Unusual property types
- Self-employment with just one year’s accounts
- Active debt management plans
- Defaults on credit within the last three months
- Discharged bankruptcy
“We want to help” – Mansfield
Tom Denman-Molloy, Intermediary sales manager at Mansfield Building Society, said the lender was committed to providing mortgages to people who often struggle to find a good deal. He said brokers had praised the competitiveness of Mansfield’s rates, particularly given the flexible criteria on offer.