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Mansfield BS cuts rates and expands range

  • 05/11/2021
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Mansfield BS cuts rates and expands range
Mansfield Building Society has cut seven higher loan to value (LTV) products by up to 0.6 per cent and released two products at 95 per cent loan to value (LTV).


The cuts apply to selected purchase or remortgage products up to 80 per cent LTV and purchase products up to 95 per cent LTV.

This includes a two-year fixed rate up to 80 per cent LTV which has gone from 2.79 per cent to 2.39 per cent.

Its two-year fixed rate, which is available over 80 per cent LTV and up to 90 per cent LTV, has fallen from 3.29 per cent to 2.69 per cent.

Both come with a £199 application fee and £800 completion fee along with an early repayment charge of two per cent.

According to the mutual, the change will make options cheaper for brokers with clients looking for capital raising, debt consolidation and interest only with property downsizing.

Those looking for house purchase deals will also be able to access versatile criteria along with reduced rates. Criteria highlights include Joint Borrower Sole Proprietor lending, guarantors, gifted deposits and an open approach to those with little or no credit history.

The two new products include a two-year discounted rate at 2.99 per cent variable and a five-year fixed rate at 3.49 per cent. Both come with free valuation, a £199 application fee and a £300 completion fee.

Head of mortgage sales, Andy Alvarez (pictured), said that he thought the rate reduction would be popular with brokers and would make the mutual’s proposition even more attractive.

He added: “There are several lenders appearing to offer good deals at the moment but the rates themselves do not always tell the full story. For many borrowers in today’s housing market, it’s important that behind the headline rate there is a lender that seeks to be flexible and accommodating.”

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