Mansfield Building Society has announced that it has made positive changes to its buy-to-let and residential criteria including raising its maximum buy-to-let LTV from 75% to 80% on selected products.
With buy-to-let, the Society has reduced the minimum age for applicants to 21 and can now accept first-time landlords. If the applicant is not a first-time landlord, The society can now also accept gifted deposits.
In addition, The Mansfield has further improved its residential mortgage criteria for both income and property. On the income side, it will allow zero-hours contracts and piece-rate work up to 95% LTV, subject to three years of income over 80% LTV and two years of income up to 80% LTV. It will also allow employees within a probationary period, where there is a track record of a similar position, and income from umbrella companies will be considered.
For properties, it will lend on new build properties up to 90% LTV and consider Grade 1 Listed buildings.
Tom Denman-Molloy, Intermediary Sales Manager, Mansfield Building Society, commented: “These changes to our buy-to-let and residential criteria highlight our increasing lending appetite. Mansfield Building Society takes an individual approach to underwriting and we embrace diverse circumstances as much as possible. These enhancements to criteria and an increase in maximum LTV for buy-to-let mean we will consider even more applications and help brokers find solutions for their clients with our versatile lending approach.
“We anticipate increased demand for our products following these changes and brokers can expect further updates to our offering over the coming weeks.”