View our full range of mortgage products, from standard residential lending to our Versatility range.
Here at Mansfield Building Society we don’t use automated credit scoring systems and we take an individual approach to mortgages – offering a flexible, common sense view of borrowers circumstances if there has been historic adverse credit events.
In addition to our manual underwriting approach, we can accommodate a range of credit criteria across our standard residential mortgage products and on our Versatility range. Our Versatility range for more complex cases is available up to 85% loan to value (LTV) or 80% LTV on Versatility Plus.
We have highlighted our main credit criteria in the Frequently Asked Questions below or you can download our Versatility guide which also includes criteria for our standard residential lending.
Where a client has historic adverse credit, it must be linked to a single life event with an acceptable explanation for the underwriter. Underwriter discretion will apply in cases where criteria appears across the different residential lending categories.
Credit Repair Mortgages Frequently Asked Questions
How old does a County Court Judgement (CCJ) need to be to be able to access a mortgage?
For our standard residential lending, CCJs can be ignored if they’re older than 36 months and have been satisfied. For Versatility, we can accept up to £500 within the last 36 months as long as it has been satisfied. We can accept up to £500 unsatisfied in the last 36 months on Versatility Plus.
Will you accept Debt Management Plans (DMPs)?
Debt Management Plans will need to be satisfied over 36 months ago for our standard residential lending. On our Versatility criteria, DMPs must be satisfied on or before application with satisfactory conduct for a minimum of 12 months. Unsatisfied DMPs can be accepted on Versatility Plus as long as there has been satisfactory conduct for 24 months.
How long does someone need to be discharged bankrupt?
- A minimum of 6 years for standard residential lending up to 95% LTV
- A minimum of 4 years on Versatility up to 85% LTV
- A minimum of 3 years on Versatility Plus up to 80% LTV
Do you accept defaults on credit cards, loans, hire purchase or leases?
On Versatility and Versatility Plus, there must be no defaults in the last 24 months and any defaults over 24 months ago can be ignored whether they have been satisfied or not. For our standard residential lending, there must be no defaults in the last 36 months with defaults over 36 months ago ignored, whether satisfied or not, up to a maximum of £5,000. Subject to product availability, defaults over 36 months ago and over £5,000 can be accepted on Prime Plus lending.
Do you accept other defaults, such as on phone plans?
Up to a maximum combined value of £250 can be ignored, whether satisfied or not, across all our lending types. In addition:
- Standard residential lending: there must be none in the last 36 months
- Versatility: there must be none in the last 6 months and up to £500 per applicant (either satisfied or unsatisfied) in the last 24 months
- Versatility Plus: there must be none in the last 6 months and up to £1,000 per applicant (when satisfied) in the last 24 months
Anything over 24 months ago will be ignored, whether satisfied or not on Versatility and Versatility Plus.
My client has missed a payment on a mortgage, will you still consider it?
- Standard lending: none in the last six months and no more than a status 1 in the last 24 months
- Versatility: none in the last six months and no more than a status 2 in the last 24 months
- Versatility Plus: none in the last 3 months and no more than a status 2 in the last 24 months
My client has missed payments on a credit card or phone plan, will you still consider it?
- Standard lending: none in the last six months and no more than a status 2 in the last 24 months
- Versatility: none in the last 3 months and no more than a status 2 in the last 12 months
- Versatility Plus: none in the last 3 months and no more than a status 3 in the last 12 months
Check affordability for your clients with our online residential affordability calculator.