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19 April 2016

Mansfield Building Society has reported a 9.5% year on year growth in mortgage assets in its annual Report and Accounts for the year ending 31 December 2015.

In the same period the Society also achieved its best ever mortgage completions of £70m, an increase of 35% on the previous year. The asset growth further demonstrates continued success of the Society’s strategic focus on common sense underwriting and its growing influence in the intermediary mortgage sector.  The record year for completions included uplifts in buy to let, shared ownership, self build and low deposit mortgages, as well as growth in mainstream residential lending where The Mansfield’s can-do attitude has become increasingly valued.

The growth in lending was supported by an equally impressive increase in savings balances which grew by £24 million in the year.

Chief Executive, Gev Lynott said that the success is not only recognition that our mortgage growth strategy is working but also an endorsement of the contribution that regional building societies make to the industry:

“2015 saw significant competition amongst lenders, with mortgage pricing being driven down to all time lows. However, the reality is that whilst this pricing is certainly eye-catching, a great many potential mortgage borrowers are excluded because they don’t conform to the tick box mentality of automated credit scoring systems.

Against the backdrop of aggressive pricing in the market, we’ve carefully balanced the need to maintain competitive rates whilst assisting borrowers with our pragmatic approach and case specific underwriting.

Mutual organisations like The Mansfield have an important part to play in the mortgage industry. The absence of external shareholders means that we provide a more personal service with a commonsense focus on the needs of individuals rather than allowing a computer to give a yes or no response based on statistical analysis.

The Mansfield offer borrowers a wide range of mortgage products and have helped a growing number of new and existing members meet their mortgage aims, wherever they are on the housing ladder. We will continue to keep the needs of both our customers and intermediary partners, at the forefront of our thinking.”