Mansfield launches five-year fixed mortgage at 4.25%

Mansfield Building Society has launched a five-year fixed rate mortgage at 4.25% with a no completion fee on loans for borrowers with a 5% deposit.

The mortgages include house purchase products up to a 95% loan-to-value (LTV) with remortgages also available on mortgages up to 90% LTV.

In addition to the five-year fixed mortgage The Mansfield has introduced a range of two and three-year products with completion fees starting from only £300.

All products come with a free basic valuation and free legal fees are available for those remortgaging.

The new products include:

-Five-year fixed rate at 4.25% up to 95% LTV (house purchase only)

-Three-year discounted rate at 3.49% variable up to 95% LTV (house purchase only)

-Two-year fixed rate at 2.89% up to 90% LTV

-Two-year discounted rate at 2.69% variable at 80-90% LTV

-Two-year discounted rate at 2.15% variable up to 80% LTV

Early repayment charges are 2% on two-year products, and 3% on three and five-year products with all mortgages carrying an application fee of £199.

Steve Walton, national development manager, said: “Brokers have told us that they appreciate our common sense approach to underwriting and our flexible lending criteria.

“With house prices remaining heavily influenced by supply and demand, we haven’t lost sight of those existing home owners looking to refinance onto preferential terms, and our products have been priced with their needs in mind.”