Mansfield cuts rates by up to 60bps and introduces two new products in a shake-up of its residential range

Mansfield Building Society has cut rates on seven existing mortgage products and introduced two new products in an update to its residential range available across England, Wales and Scotland.

The society, which is famed for its personal and flexible approach to underwriting, is reducing rates on mortgages up to 80% LTV available for purchase or remortgage and up to 95% LTV available for house purchase only.

The move will make it cheaper for brokers with clients seeking to access some of its key criteria on products up to 80% LTV, such as capital raising, debt consolidation and interest only with property downsizing (subject to age and LTV restrictions).

Those seeking support for house purchase will also be able to access the Society’s versatile criteria from the reduced rates, including Joint Borrower Sole Proprietor lending, guarantors, gifted deposits and an approach that considers those with little or no credit history.

The two new products increase the options with the society up to 95% LTV and include a 2 year discounted rate at 2.99% variable as well as a 5 year fixed rate at 3.49%. Both products offer a free valuation together with a £199 application fee and a £300 completion fee.

Head of Mortgage Sales, Andy Alvarez, said the latest move was to make accessing the Society’s lending proposition even more attractive:

“There are several lenders appearing to offer good deals at the moment but the rates themselves do not always tell the full story. For many borrowers in today’s housing market, it’s important that behind the headline rate there is a lender that seeks to be flexible and accommodating.

With up to 60bps off our 2 year fixed at 90% LTV and rates now starting from 1.89% for our 2 year discount at 80% LTV, we think these rate reductions will be incredibly popular with brokers. We’re looking forward to being able to help more of our intermediary partners realise the benefits that we provide for their clients.”