Mansfield Building Society has increased the maximum loan-to-value on its Credit Repair Range from 70% to 75%.
The range is aimed at borrowers with adverse credit, including defaults from three months, active IVAs and debt management plans from six months, active CCJs from 12 months, discharged bankrupts from day one, and missed payments up to status five in the past 12 months on credit cards, phone plans and utilities.
The society said the higher LTV would provide more options for brokers placing clients with more complex credit profiles.
Tom Denman-Molloy, head of sales at Mansfield Building Society, said: “Taking our Credit Repair criteria to 75% LTV will help more borrowers with complex credit at higher LTVs access our flexible approach to lending.
“Not only can we accept a variety of adverse credit scenarios, we can also empower these borrowers by allowing them to consolidate debts or raise funds too.
“And with our new DigiHome broker portal, we can balance our very human approach to complex lending with a streamlined and intuitive DIP and application process.
“As well as being a can-do lender for complex cases, we’re also providing an efficient online experience, significantly reducing the burden for brokers.”
