Mansfield launches a 'future valuation' remortgage product.
Mansfield BS has recently launched a new residential remortgage deal to allow home-owners to remortgage based on an assessment of their property’s future valuation after improvement.
This new product is designed to help borrowers fund significant or structural improvement to their property.
Lending criteria includes:
- The total amount to be released will reflect the final LTV as well as the work undertaken.
- Up to 3 staged releases will be made after initial loan completion.
- Additional borrowing to be more than £15,000.
The future valuation criteria is applied to a 3 year discounted rate mortgage set at 1.6% below the Mansfield’s SVR, and is on offer for up to 80% LTV with a £1,399 fee.
A spokesperson for the lender commented on this new deal, advising that due to the Mansfield’s expertise in individual underwriting, it is in a position to evaluate a home-owner’s circumstances and lend against the value of the property once work has been completed.
If you are looking to remortgage your home for the purpose of home improvements call us at Deal Direct. We are a specialist remortgage broker and can help you to release equity to fund your building work.
For remortgage advice and a quote call us today on 0800 048 8828.
