Mansfield Building Society has extended its mortgage range with a new two-year discounted mortgage, which has earned it a place just behind the market-leader for its sector.
The basics…This mortgage has a highly competitive rate of 4.05% at a loan-to-value (LTV) of 95%. A low fee of £199 is payable.
The finer details…After the two-year term expires, the rate will revert to an Existing Borrowers Rate of 5.59% for the remainder of the mortgage term.
This deal is available to first and second-time buyers with a deposit of just 5%. As well as the low fee, applicants can also benefit from an incentive package of free valuation to keep set-up costs to a minimum.
Overpayments of up to 10% of the mortgage advance are permitted, which will offer borrowers some welcome flexibility over their repayments.
This mortgage boasts the lowest rate in its sector, which is sure to catch the eyes of those with a small deposit. The fee is also very low and free valuation is offered, both of which will help to keep initial costs down. As a result, this mortgage should appeal to many borrowers looking for a high loan-to-value mortgage.
The highest accolade of five Moneyfacts Stars has been awarded.
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