Mansfield Building Society has announced that, following limitations during the height of the pandemic, it has returned to its pre-pandemic criteria policy and now allows applicants to use 50% of regular bonus, overtime and commission payments in its affordability calculations.
Additionally, the society has also announced an extension to its criteria, allowing up to 20% of the mortgage loan amount to be available for debt consolidation within its Versatility range. The lender added that it will continue to accept applications up to 10% on its prime mortgage range.
As the economy re-opens, bonuses and overtime will be more widely considered by the lender, which also includes considering applicants with little or no credit history up to 95% LTV.
Andy Alvarez, (pictured) Head of Mortgage Sales at Mansfield, said that it was a welcome return to what would be the Society’s typically accommodating approach to income and debt consolidation.
Andy adds: “Our latest criteria changes offer increased flexibility for applicants who are looking to get more from a lender. We’re really pleased to be able to offer these solutions and they show our commitment to versatile common-sense lending.
"By enabling more borrowers at this time, we’re really helping brokers find solutions for their clients and supporting them in growing their business. We have made the effort to seek out the barriers that are being faced by our brokers and we have reacted to this feedback.
"Based on what we have heard, we feel that our brokers will be enthusiastic about the potential these changes will bring and would encourage them to come forward if they have quirky cases that would benefit from our approach regardless of complexity.
Andy concludes: "We hear a lot about common sense approaches to lending within the industry and strongly feel that we should ensure we use every opportunity to demonstrate it.”