The Mansfield Building Society has reverted its criteria to pre-pandemic policy and is now able to allow applicants to use 50% of regular bonus, overtime and commission payments in its affordability calculations.
In addition, the mutual has also extended its criteria to allow up to 20% of the mortgage loan amount to be available for debt consolidation within its Versatility range. The society has accepted applications up to 10% on its prime mortgage range and will continue to do so.
TAt the height of the Coronavirus pandemic, the Society limited the use of bonuses and overtime to key workers only as vast areas of the economy were closed and people were furloughed. As the economy re-opens, bonuses and overtime will be more widely considered by the lender who prides itself on its pragmatic approach to affordability, which also includes considering applicants with little or no credit history up to 95% LTV.
Andy Alvarez (pictured), head of mortgage sales at the Mansfield Building Society, said: “Our latest criteria changes offer increased flexibility for applicants who are looking to get more from a lender. We’re really pleased to be able to offer these solutions and they show our commitment to versatile common sense lending.
“By enabling more borrowers at this time, we’re really helping brokers find solutions for their clients and supporting them in growing their business. We have made the effort to seek out the barriers that are being faced by our brokers and we have reacted to this feedback.
“Based on what we have heard, we feel that our brokers will be enthusiastic about the potential these changes will bring and would encourage them to come forward if they have quirky cases that would benefit from our approach regardless of complexity.
“We hear a lot about common sense approaches to lending within the industry and strongly feel that we should ensure we use every opportunity to demonstrate it.”