You are here: cherry > Press releases for August 2016 > The Mansfield aims high with the launch of an impressive 5 year fixed at 4.25%

08 August 2016

Mansfield Building Society has launched a 5 year fixed rate mortgage at 4.25% with no completion fee on loans up to 95% LTV in its latest round of residential mortgage updates.

In a move to support and attract First Time Buyers and high loan to value borrowers, the latest launch includes house purchase products up to 95% LTV with remortgages also available on mortgages up to 90% LTV. 

In addition to the 5 year fixed, The Mansfield has introduced a range of 2 and 3 year products with completion fees starting from only £300. All products come with a free basic valuation and free legal fees are available for those remortgaging. 

In summary, the new products include:

• 5 year fixed rate at 4.25% up to 95% LTV (house purchase only)
• 3 year discounted rate at 3.49% variable up to 95% LTV (house purchase only)
• 2 year fixed rate at 2.89% up to 90% LTV
• 2 year discounted rate at 2.69% variable at 80-90% LTV
• 2 year discounted rate at 2.15% variable up to 80% LTV

Early repayment charges are 2% on 2 year products, and 3% on 3 and 5 year products with all mortgages carrying an application fee of £199.

National Development Manager, Steve Walton, said the move is about ensuring that the Society’s lending proposition is strengthened in support of high LTV borrowers, especially First Time Buyers who are entering the mortgage market for the first time.

“Brokers have told us that they appreciate our common sense approach to underwriting and our flexible lending criteria. They also tell us that our service is pretty good too. So, if we’re right, our exciting new products should be extremely well received and we’re expecting demand to be high. 

With house prices remaining heavily influenced by supply and demand, we haven’t lost sight of those existing home owners looking to refinance onto preferential terms, and our products have been priced with their needs in mind.

This is another step towards offering a product range that, when combined with our pragmatic approach, can make a real difference for brokers and their clients”.