Mansfield BS reverts to pre-pandemic income criteria
The Mansfield Building Society reverted to its pre-pandemic mortgage policy for additional income allowances and debt consolidation, loosening its affordability.
The mutual will now allow all applicants to use 50 percent of their regular bonuses, overtime and commission payments in affordability calculations.
Previously, it limited eligibility for additional annual income to only key workers in response to closures and the number of industries putting their staff on leave last year.
Mansfield Building Society has also extended its criteria to allow up to 20 percent of the mortgage to be available for debt consolidation in its range of versatility.
This range is aimed at borrowers whose credit is compromised. The mutual already allows up to 10 percent of a mortgage to be used for debt consolidation on its prime mortgages.
Andy Alvarez, Mortgage Sales Manager at Mansfield Building Society, said it was a welcome return to the mutual’s usual approach to income and debt consolidation.
âOur latest changes in criteria provide greater flexibility for applicants seeking more than one lender. We are really excited to be able to offer these solutions and they show our commitment to versatile and sensible lending.
“We have made an effort to research the barriers our brokers face and have responded to those comments.”
âBased on what we’ve heard, we believe our brokers will be excited about the potential of these changes and encourage them to come forward if they have any bizarre cases that would benefit from our approach, no matter how complex.
âWe hear a lot about common sense approaches to lending within the industry and we strongly believe that we need to make sure we use every opportunity to demonstrate it,â he added.
Shekina is the Business Writer at Mortgage Solutions. She has over four years of experience in the B2B publishing market, with previous industries such as accounting, pets, funeral directors, hospitality, retail and jewelry. She currently reports on mortgage market news and liaises with financial clients to produce sponsored content. Follow her on Twitter at @ShekinaMS