The product, available exclusively direct from the Society, offers a discount of 1.75% off the Society’s standard variable rate for the first 3 years, without an extended early repayment charge, resulting in an initial payable rate of 3.49%. The scheme is available for house purchase or remortgage up to a maximum loan of £300,000 and 75 per cent of value.
An arrangement fee of £599 will be added to the loan and the cost of a basic valuation fee of up to a maximum of £400 is refunded on completion. Legal fees on remortgages only will be paid by the Society via nominated solicitors or a £250 contribution will be paid towards legal fees for remortgage borrowers using their own solicitor.
Product manager at the Mansfield Building Society, Peter Doherty, said: “We are committed to giving existing and new customers a good value deal on their mortgage, which will continue with this new product.
“By introducing a new discounted mortgage rate, individuals will benefit from an initial lower repayment giving them a gentler start to their mortgage at a time when finances may be tight.”
