Mansfield Building Society has released a long-term fixed rate mortgage for borrowers aiming to repair their credit.
The five-year fix is available at 70% loan to value (LTV) at a rate of 6.39%. It has no completion fee, and includes a basic property valuation and basic legal fees for remortgages in England and Wales.
The credit repair product allows borrowers with past credit issues, including discharged bankrupt from day one, existing individual voluntary arrangements (IVAs) and up to £6,000 in county court judgments (CCJs) that are over 12 months old.
It will also consider borrowers with repossessions more than two years old and defaults within the last four months, at a maximum of £2,500 on credit defaults.
Affordability is assessed on the initial pay rate, which Mansfield Building Society said offered enhanced affordability.
Tom Denman-Molloy, intermediary sales manager at Mansfield Building Society, said: “We are proud to introduce this long-term fixed rate option for our credit repair borrowers. By enabling affordability to be stressed at the pay rate, we’re offering long-term stability and a more accessible path for those who may have faced credit challenges in the past.
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“This product demonstrates our ability to provide customer-first solutions that address our borrowers’ specific needs and empowers them to pursue their homeownership goals with confidence.”
Gen H makes more rate reductions
Gen H has reduced its mortgage rates for the third time in as many weeks.
This includes its two- and three-year fixes at 90% and 95% LTV, which have been cut by 0.1%. Its five-year fixes at the same tier have been reduced by 0.12%.
These are available across its standard and home buying bundle options.
The home buying bundle comprises a Gen H mortgage with conveyancing from Gen H Legal, the lender’s boutique conveyancing firm.
Gen H Legal operates independently of Gen H as a lender.
