MANSFIELD REACTS TO INTERMEDIARY MARKET CONDITIONS

MANSFIELD REACTS TO INTERMEDIARY MARKET CONDITIONS




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Just one week after launching mortgage products specifically for intermediaries, The Mansfield Building Society has reacted to trading conditions by improving its intermediary two-year fixed rate product and extending the availability of a Bank of England base rate tracker product to the intermediary market.

The two-year fixed rate has been reduced to 5.89 per cent and the maximum loan to value has been raised to 80 per cent. It remains available for home purchases or remortgages up to a maximum of £200,000, inclusive of a £999 arrangement fee. The overall cost for comparison is 7.3% APR.

The Societys Bank of England base rate tracker has been extended to intermediaries. Offering an initial rate of 5.00 per cent* plus 1.15 per cent for the first two-years, the product is available up to £300,000 and 80 per cent loan to value for home purchase or remortgages, inclusive of a £999 arrangement fee. After the first two years,, the interest rate will revert to 1.25 per cent above the Bank of England base rate for the remainder of the mortgage term. The overall cost for comparison is 6.6% APR.

Both products are available without the Society taking a Mortgage Indemnity Guarantee, meaning no Higher Lending Charge is payable.

Pete Doherty, product manager at The Mansfield Building Society, said: "Following our launches last week, the market changed very quickly and we have reacted immediately to remain as competitive as possible".

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