"Borrowers in areas of high property prices can now benefit from our extensive criteria, including capital raising and debt consolidation, a more accommodating attitude to historic credit blips, and much more"
- Tom Denman-Molloy - Mansfield Building Society
Mansfield Building Society has increased its maximum loan sizes across buy to let and residential lending, now offering loans up to £1 million for both types of lending at up to 80% loan to value (LTV).
Previously capped at £500,000 for loans up to 80% LTV, the new limits represent a doubling of maximum loan amounts. Mansfield has also raised maximum loan sizes for higher LTV residential lending.
For residential loans between 80% and 90% LTV, the maximum loan size has increased from £500,000 to £750,000. Meanwhile, loans between 90% and 95% LTV have seen their cap rise from £350,000 to £500,000. Additionally, residential lending up to 65% LTV now supports loans of up to £2 million.
These increased loan limits complement Mansfield’s broad criteria and personalised lending approach, designed to accommodate situations that automated credit scoring systems may not fully address.
“With property prices increasing and subject to regional hotspots, we’re increasing our maximum loan sizes to extend the appeal of our flexible lending approach," explained Tom Denman-Molloy, intermediary sales manager at Mansfield Building Society (Pictured). "Borrowers in areas of high property prices can now benefit from our extensive criteria, including capital raising and debt consolidation, a more accommodating attitude to historic credit blips, and much more,"
"Our lending also works well with non-standard property types, such as properties with annexes, large acreages or with agricultural ties. We want to give brokers more opportunities to provide solutions for their clients with large loans.”
