The Building Society has launched its new proposition to help borrowers with past credit problems to get their finances back on track.
The new product range is available to borrowers who have missed payments, experienced defaults, County Court Judgements or even bankruptcy, as well as those with an active debt management plan.
Mansfield said that, with current economic conditions set to persist, borrowers need lenders to ‘adopt a more sympathetic approach to their circumstances as the cost of living continues to put pressure on household budgets’.
What’s new?
The new credit repair mortgages include two new products available up to 70 per cent of the property’s value.
Borrowers can access either a two-year fixed rate at 7.99 per cent or a two-year discounted rate at 1.40 per cent below the lender’s standard variable rate.
Both products have no completion fee.
Tom Denman-Molloy, intermediary sales manager at the mutual, said: “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.
“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.”
