Under the scheme councils provides up to a 20% guarantee on the property value to help those who do not have a significant deposit.
The society launched lending partnerships with Bassetlaw and Ashfield District Councils earlier this year.
Gev Lynott, chief executive, said: “The Mansfield has always maintained a strong affiliation to the community it serves.
“By reducing the rate at this time, we hope to signal a clear message that our commitment to see more local people take up the opportunity to be homeowners is stronger than ever.”
