The rate for its two-year fixed rate has an initial pay rate of 3.59 per cent and is available up to 95 per cent loan to value (LTV). It is available for purchase or remortgage or those looking for an additional share in existing property.
The mutual has also altered its shared ownership criteria so borrowers can use 50 per cent of regular bonus, overtime or commission in additional to their income to improve their affordability.
Tom Molloy, Mansfield Building Society’s intermediary sales manager, said the mutual had been a “consistent supporter” of shared ownership as it believed it was “important to make home ownership as accessible as possible”.
He said: “By reducing the rate on our two-year fixed rate deal and allowing borrowers to make use of regular bonuses, overtime and commission, we’re giving a real boost to existing and prospective borrowers in the sector.
“We’re enabling borrowers take their first steps towards home ownership, and giving those that already have a shared ownership mortgage the possibility of increasing their share in the property.”