Mansfield Building Society has launched a new “credit repair” proposition to help borrowers get their finances back on track.

The society’s new product range aims to support borrowers who have experienced past credit problems resulting in missed payments, defaults, county court judgements and even bankruptcy, as well as those currently seeking relief through active debt management plans.

With current economic conditions set to persist, the Mansfield is anticipating that more borrowers will need lenders to adopt a more sympathetic approach to their circumstances as the cost of living continues to put pressure on household budgets.

The Mansfield confirmed that its new proposition can be accessed from two new products up to 70% loan-to-value (LTV). Offering either a two-year fixed rate at 7.99% or a two-year discounted rate at 1.40% below SVR, currently 7.49% variable, both products have no completion fee.

Intermediary sales manager at the Mansfield, Tom Denman-Molloy, commented: “The new products create a great opportunity for the Mansfield to expand its reach and help more borrowers to get access to products they need.

“Our versatility range has been a terrific success. We’ve been monitoring feedback from brokers as well as how borrowers have responded through the product life cycle, and we can see just how well our flexible approach helps borrowers that don’t fit the high streets’ tick box mentality.

“The introduction of our new credit repair range allows us to extend our approach into a population of underserved borrowers that really need a helping hand currently.”

---