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08 February 2016

Mansfield Building Society has posted record breaking mortgage completions in 2015 with best ever figures of £70 million.

The Society’s strong annual results follow on from a first half performance in which The Mansfield reported new mortgage lending growth of 49%.

2015 saw the Society make a number of changes to its lending criteria and mortgage products with greater access to interest-only (including downsizing as a repayment strategy), increased geographical coverage for Shared Ownership and improvements to its portfolio of Self Build, Buy to Let and mainstream lending products.

During the year the Society also strengthened its Underwriting, Mortgage Processing and Intermediary Support teams and began a process of improving its online mortgage system for brokers.

According to Chief Executive Gev Lynott, the achievement is the result of a targeted approach, focusing on key underserved areas of the mortgage market together with an emphasis on improving the service it provides to brokers and their customers.

Gev commented,

“We’re delighted with the completions growth achieved in 2015 as it shows that our strategy of focusing on common-sense underwriting provided by friendly and helpful staff is being well received.

Whilst automated credit scoring systems may enable some lenders to cut their operating costs, lenders like The Mansfield recognise that in the real world, this kind of strategy has alienated some perfectly responsible home owners, prospective buyers and property investors that don’t conform to this tick-box mentality.

Our individual mortgage underwriting approach allows us to fully understand a customer’s circumstances and support their housing ambition - our strategy is evidently working. Brokers understand and appreciate the can-do attitude that we provide to both mainstream and specialist cases and this shows in our results and feedback.

Rather than rest on our laurels, we’re looking forward to continued mortgage growth in 2016 and improving the service we provide for brokers and customers alike. With our improved capabilities, brokers and their clients should feel confident that they will receive the highest level of personal attention.”