The Society also announces that procuration fees for brokers will increase with effect from 1st July 2014, in another demonstration of support. Procuration fees on all residential mortgages will increase to 0.35% and 0.4% for Buy to Lets, with no maximum cap.
The Mansfield, along with other mutual lenders, has been an enthusiastic supporter of the government’s Help to Buy scheme to help the housing market and believes that with lenders such as Halifax and Nationwide restricting access will mean that more attention will turn on smaller lenders who will continue to support the scheme fully.
According to Business Development Manager, Stuart Bryce, the focus has been on larger lenders shouldering much of the distribution for the Help to Buy scheme but that brokers should be aware that The Mansfield continues to offer first and second time buyers access to what is proving to be an important facility.
He said:
“While the headlines show larger lenders beginning to restrict access to Help to Buy, The Mansfield is fully committed to the scheme. We value the relationships we are building with the broker market. From the increasing volumes we are receiving post Mortgage Market Review, it is clear that our underwriting stance based exclusively on human underwriters, rather than relying on a computerised credit score model, is gaining us a lot of new friends and more importantly, satisfied customers.”
