Paul Lewis

Covid-19 pushes Mansfield Building Society to limit lending to 80% LTV

Mansfield Building society has limited lending to 80% LTV with immediate effect in light of the recent Covid-19 government restrictions.

Limits were also placed on all new BTL business, including the temporary suspension of lending on holiday lets and reducing maximum LTV on BTLs to 65%.

The building society has begun automated valuation models to help support brokers and their clients until valuers can do physical inspections again.

The use of AVMs is limited to residential remortgages to 65% LTV.

Paul Lewis, national development manager at Mansfield Building Society (pictured above), said: “We’ve developed some terrific broker relationships that we’re keen to continue to support throughout the ongoing crisis but as you’d expect, we’ve had to temper our product range accordingly.

“We hope that the Government’s strict measures introduced [last] week start to make a real impact on the Coronavirus pandemic and that the product and criteria changes imposed will soon be relaxed,” he added.

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