The Mansfield launches new low-deposit mortgage products

The Mansfield Building Society has announced the launch of two additions to its mortgage range, as it targets high loan-to-value mortgages.

The new two-year discounted rate house purchase product up to 95 per cent loan-to-value offers minimal fees and a free valuation, leading to it being given a five-star rating by Moneyfacts. Features include:

• 4.05 per cent initial pay rate (1.54 per cent below standard variable rate)
• £199 application fee and no completion fee
• Free valuation

The two-year discounted rate remortgage-only product up to 90 per cent loan-to-value offers:

• 2.99 per cent initial pay rate (2.60 per cent below standard variable rate)
• £199 application fee, £800 completion fee
• Free valuation and free legal fees

According to Stuart Bryce, business development manager at The Mansfield, the society has been quick to respond to demand. It sees higher loan-to-value products as a sector of the market where it can add value, with the benefit of its individual underwriting service.

Bryce comments, “These products meet the needs of many borrowers, whether buying or remortgaging, who are looking for a mortgage which requires a smaller deposit.

“We feel that The Mansfield has built a reputation as a fair and responsible lender because we assess each case on its merits and don’t use automated credit scoring systems. Advisers and their clients can benefit from competitively priced products and a more even-handed approach to individual circumstances with The Mansfield.”