Mansfield Building Society has reduced the rates on its credit repair and Versatility mortgage ranges by up to 40 basis points.

The lender’s two-year fixed rate Versatility product up to 80% LTV has reduced from 6.79% to 6.39%.

Its fixed rate Versatility product up to 85% LTV and its fixed rate Versatility Plus mortgage to 80% LTV now both start at 6.79% for the first two years.

Along with selected adverse credit criteria, Mansfield’s Versatility and Versatility Plus range will consider borrowers with limited employment history, unusual property types and self-employed workers with just one year’s accounts.

Following further rate reductions to its credit repair range, deals up to 70% LTV now start from 6.75% variable on a two-year discounted rate and 6.99% on a two-year fixed rate. 

Applicants able to access these rates include those with active debt management plans over six months old, those with defaults over three months old and discharged bankrupts from day one.

Intermediary sales manager Tom Denman-Molloy says: “With more interest rate stability returning to the market, we wanted to do everything we can to help those with complex circumstances who are underserved by mainstream lenders.

“Brokers have commented on how competitive our rates are for the criteria that we’re willing to accept and we really wanted to go further to extend the appeal of our individual underwriting approach.”