The Mansfield Building Society has updated its affordability criteria.
Following analysis of data from the Office for National Statistics (ONS) and previous customer scenarios, the Mansfield has tailored its affordability check to achieve an accurate assessment of clients’ suitability for a mortgage with the mutual.
An updated version of the affordability calculator will be available online together with a mortgage Quick Quote that will allow brokers to easily assess how much the Society may be prepared to lend on a case-by-case basis.
Mike Taylor (pictured), product and marketing manager at the Mansfield Building Society, said: “As a responsible lender, we constantly test the way we look at expenditure and affordability against our customers’ circumstances.
“Not only does the mortgage market continue to move at pace but social demographics and consumer spending continues to influence borrowing and lending requirements. This means we have to remain responsive in our underwriting processes in order to meet these needs.
“We feel that the new ONS data is fairer and more realistic, whilst ensuring accurate results. The new functionality from our online affordability calculator will further offer intermediaries a quicker, simpler and clearer reflection of our assessment on a client’s ability to borrow.”