The Mansfield Building Society has extended its specialist lending brand, Versatility and launched eight new products marketed exclusively through Legal and General Mortgage Club.
Versatility is designed to deal with more complex circumstances. As well as dealing with self-employed and contractors with limited income history and unusual property types, Versatility is designed to offer a more sympathetic view on historic credit difficulties and a general simplification of products and criteria.
The eight new products are spread across four tiers of lending complexity with each tier offering both a fixed rate and a discounted variable rate option.
Mike Taylor, head of products and savings, said: “By simplifying and expanding our criteria and adding more pricing options, we’re increasing the range of solutions available to meet clients’ real life mortgage needs, providing brokers and their clients far greater choice.
“Our latest development shows how committed we are to maintaining a personal and pragmatic approach to mortgage lending and we’re looking forward to working with L&G in order to help inform brokers of the product enhancements.”
Danny Belton, head of lender relationships at Legal & General, added: “We’re delighted that The Mansfield has chosen Legal & General Mortgage Club to be one of the first to market its new Versatility range, this is a real boost for our brokers. Regional building societies are well-renowned for supporting the wider mortgage market and this move from The Mansfield shows how they are supporting brokers and helping them meet their clients’ needs.
“We’re looking forward to working with The Mansfield and we’re confident that the new range will be well received.”