Mansfield Building Society confirms criteria changes

Mansfield Building Society has announced it is making new changes to its buy-to-let (BTL) and residential criteria.

The changes include an increase to its maximum BTL LTV from 75% to 80% on selected products.

On its BTL offering, the society has also reduced the minimum age for applicants to 21 and can now accept first-time landlords. If the applicant is not a first-time landlord, The Mansfield can now also accept gifted deposits.

Elsewhere, The Mansfield has improved its residential mortgage criteria for both income and property. On the income side, it will allow zero hours contracts and piece rate work up to 95% LTV, subject to three years income over 80% LTV and two years income up to 80% LTV.

The society confirmed it will also allow employment within a probationary period, where there is a track record of a similar position, and income from umbrella companies will be considered.

“These changes to our buy-to-let and residential criteria highlight our increasing lending appetite,” the society’s intermediary sales manager, Tom Denman-Molloy, commented. “Mansfield Building Society takes an individual approach to underwriting and we embrace diverse circumstances as much as possible.

“These enhancements to criteria and an increase in maximum LTV for buy-to-let mean we will consider even more applications and help brokers find solutions for their clients with our versatile lending approach.

“We anticipate increased demand for our products following these changes and brokers can expect further updates to our offering over the coming weeks.”

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