Mansfield will now offer a 5.75% 5-year fixed rate and 5.39% 3-year discounted rate for only a 5% deposit. The products are priced at £799 and £499 respectively.
Gev Lynott, Mansfield chief executive, said: “We are determined to help first and second time buyers who are obviously finding things difficult in this financial climate.
“Many of the larger lenders insist on a much larger deposit or require either parental or other guarantees so we are expecting a strong demand.
“A notable feature about The Mansfield is that we do not use automated credit scoring systems. Instead, our team of experienced underwriters looks closely at individual circumstances and this means we can safely adopt a more personalised approach than many of the larger lenders."
However the Mansfield has warned that the terms will only be available for a limited period due to the level of funding available for the products.
The products are available through both direct and intermediary channels and do not require parental or other guarantees.
