Move offers brokers greater flexibility amid rising property prices
Mansfield Building Society has raised its maximum loan amounts across both residential and buy-to-let mortgage ranges, with loans now available up to £1 million at up to 80% loan-to-value (LTV).
The move doubles the previous limit of £500,000 for lending at up to 80% LTV across all applicable products.
For higher LTV residential mortgages, the mutual has also raised its ceilings. Maximum loans for borrowing between 80% and 90% LTV have increased to £750,000, up from £500,000. Loans between 90% and 95% LTV can now go up to £500,000, compared to the previous £350,000 cap.
In addition, Mansfield now offers residential loans up to £2 million for borrowing at or below 65% LTV.
The changes are part of Mansfield’s broader strategy to support complex borrower needs through flexible criteria that go beyond automated credit scoring.
“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," said Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society.
“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.”
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