The mortgage, which has to be repaid by the time the borrower is 80, has a discounted rate of 3.19% to 40% loan-to-value while to qualify the borrower must have a minimum equity of £150,000.
The product is available for purchase or remortgage, comes with an application and completion fee of £199 and £800 and incurs an early repayment charge of 2% for two years.
The Mansfield said the product represents an alternative to entering the equity release market.
Stuart Bryce, business development manager at The Mansfield: “I am confident that advisers will see this as an attractive option to meet the clear needs of an underserved segment of the mortgage market.
“It is only available through intermediaries because it requires a full understanding of a client’s current and future circumstances, including their plans for later life, and professional advisers are well placed to provide this advice.
“With the spotlight very much on different strategies to help clients steer the right financial course at a significant point in their lives, The Mansfield is proud to offer a commonsense alternative.
“Our underwriting expertise allows us to make informed individual assessments of customers’ circumstances and recognise mortgage affordability based on their current and future incomes.”
