The new product is designed to support first-time buyers
Mansfield Building Society has launched a new 95% loan-to-value (LTV) five-year fixed rate mortgage, with affordability stressed at the pay rate.
The new product, aimed at first-time buyers but also available to home movers, includes a basic valuation, has no completion fee, and has a rate of 5.99%.
The mutual said applicants can also benefit from its versatile approach to underwriting that includes extensive criteria, such as accepting gifted deposits, and no automated credit scoring.
Affordability can also be stressed on the pay rate of the product rather than the society’s standard variable rate which allows for larger loan sizes.
“As a mutual, Mansfield Building Society always wants to play a significant role in helping first-time buyers to take their first step onto the housing ladder,” said Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society. “Affordability can often pose a challenge for this group of customers, especially now, with higher rates putting a squeeze on their borrowing power.
“By launching a five-year fixed rate with affordability based on the pay rate, we are helping first-time buyers – and other high LTV customers – to secure the loan they need, while also giving them confidence that their mortgage rate won’t increase in the next five years.”
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