Mortgage distributor and packager The Mortgage Partnership appoints Mansfield Building Society to its lender panel
17 May 2016
The new lender appointment launches exclusive Complex Prime mortgage products with 2 year discounted rates, currently starting as low as 3.69% with no early repayment charge overhang.
The Mansfield assesses applications on an individual basis with no automated credit scoring and their complex criteria accounts for a range of income, employment, credit history, and purchase situations that are outside the normal parameters for most lenders, such as interest only mortgages up to the age of 80; Right to Buy up to 110% of the discounted purchase price; and 1 year’s minimum self employment.
TMP’s Managing Director, Ian Ward, said he was delighted with the addition of Mansfield BS to its lender panel. “We now have another lender which believes in individual underwriting and assessment of a client’s situation and circumstances. Mansfield has a proven track record of offering a bespoke manual underwriting approach which fits in perfectly with our lender model.”
He added, “We are noticing more and more brokers contacting us with cases that have been declined by high street lenders’ credit score decisioning systems. It’s therefore good to see lenders come to market having thought about criteria gaps and providing solutions for clients where technically the computer says no!”
The building society offers loans of up to £300,000 at 80% LTV or £400,000 at 70% LTV, with sensible mortgage valuation fees and an option of clients to benefit from reduced legal fees for remortgages by using the society’s nominated legal adviser.
Mansfield Building Society National Development Manager, Steve Walton, said he looked forward to working with The Mortgage Partnership, “Our philosophy at Mansfield Building Society is built on treating each client as an individual, which means our underwriters take the trouble to assess applications in a way that gives a commonsense view of a customer’s circumstances. TMP’s culture and drive to support advisers is very much aligned to our own.”
