The rate is fixed at 4.54% for the first three years and will then revert to standard variable rate at the end of the three years.

An arrangement fee of £999 will be added to the loan and the product is available exclusively through intermediaries for house purchases or remortgages up to a maximum loan of £200,000 and 75% of value. A basic valuation of up to a maximum of £400 will be refunded upon completion.

Peter Doherty, products manager at Mansfield Building Society, said the product would ensure the building society remained competitive in the intermediary market while it stimulated its mortgage business.

He added: “We are noticing an increasing level of interest in fixed term mortgages from borrowers wanting to stabilise their repayments over longer periods of time whilst the Bank of England rate is relatively low.”

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