Record mortgage lending, impressive savings growth and more support for local good causes
Mansfield Building Society has announced mortgage balance growth of 9.5% in its annual Report and Accounts for 2015.
The growth in mortgage assets has resulted from the Society’s best ever year for mortgage completions with over £70 million lent to new borrowers in the period.
The increase demonstrates the continued success of its strategic focus on underserved areas of the mortgage market and by assessing each new application on its own merit rather than relying on automated credit scoring systems. The record year of completions included uplifts in buy to let mortgages, shared ownership mortgages and self build mortgages as well as mainstream residential lending.
The growth in mortgage lending was supported by an equally impressive growth in savings balances, which increased by £24 million during the year.
In addition, in 2015 The Mansfield awarded over £20,000 for the benefit of more than 40 local organisations as part of the Society's Community Support Scheme, taking the total amount awarded to local good causes to over £115,000 since the Scheme was launched in 2008.
The Society also established a Charitable Trust Fund in 2015 to support further charitable giving with a cash allocation of £50,000.
Chief Executive, Gev Lynott, said “Our continued success is not only recognition that The Mansfield’s approach to mortgage lending is working, but also an endorsement of the contribution that regional building societies make to the industry and the communities they serve.
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.
As a mutual, we do not have external shareholders and that helps to keep us focussed on meeting the real life mortgage needs of individuals rather than allowing a computer to give a yes or no response based on statistical analysis.
Our mutual status also means that local organisations have benefitted through the Community Support Scheme awards and we're really proud of how the scheme has grown.
The Mansfield offers customers a wide range of mortgage, savings and protection products to customers near and far, and has helped a growing number of new and existing members meet their financial needs. We will continue to keep the needs of our members and those of our local communities at the forefront of our thinking as The Society goes from strength to strength."
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