You are here: cherry > Press releases for August 2016 > Mansfield Building Society cuts SVR by 0.25% and launches new Discounted Rate at 1.90% for loans up to 80% LTV

25 August 2016

Mansfield Building Society is reducing its Standard Variable Rate (SVR) from 5.59% to 5.34%. New and existing borrowers, who have mortgages linked to the Society’s SVR will receive the benefit of their lower interest rate, from 1 September 2016.

The rate reduction follows the Bank of England announcement to reduce the Base Rate from 0.50% to 0.25%.

In addition, a new low fee 2 Year Discounted Rate mortgage is being launched at a variable pay rate of 1.90%. The product has a maximum 80% LTV and is available for purchase and remortgage. It includes a free basic valuation, a £199 application fee and a £300 completion fee. Interest only repayment options are available on this product, up to a maximum of 75% LTV.

Gev Lynott, Chief Executive at The Mansfield, said “We have considered the likely impact of the lower Base Rate. Recognising the importance of maintaining a healthy mortgage market, we want to support both existing homeowners and first time buyers by reducing our mortgage rates.

By reducing our SVR we will lower the cost of borrowing across our broad range of mortgage products, including Shared Ownership, Buy to Let, Let to Buy, Self Build, Shared Equity and our standard residential mortgage range.

Whilst the vast majority of our mortgages are not directly linked to the Base Rate, we wanted to respond quickly so that both existing and new customers could benefit.”