The product tracks the Bank of England Bank Rate (currently 0.50%) plus 2.75% for the whole of the mortgage term and is available on home purchases or remortgages up to a maximum loan of £300,000 and 75% of value inclusive of arrangement fee.
A £250 arrangement fee is added to the loan and a basic valuation/drive-by fee is refunded on completion up to a maximum of £400.
Peter Doherty, product manager at the Mansfield Building Society said, "We have introduced this new tracker product to ensure we offer intermediaries a competitive mortgage for clients wanting to take advantage of the low current Bank of England Bank Rate.
"The new tracker mortgage complements our existing portfolio of discounted rate schemes available to intermediaries which is continually monitored to remain competitive in the market."
