Mansfield Building Society has cut rates on its prime discounted variable-rate mortgage products and across key loan-to-value (LTV) tiers.
The newly updated two-year discounted variable-rate products are available for both house purchase and remortgage with rates having been cut by up to 0.6%.
Those requiring higher LTV options, such as between 80% and 90%, can now benefit from a reduced rate of 5.39% variable, compared to the previous 6.00%. House purchase borrowers with LTVs of 90% to 95%, will see rates reduced to 5.79% variable, down from 6.40% previously.
For loans up to 80% LTV borrowers can now access an initial rate of 5.10% variable (down from 5.65%). The Society’s residential product for larger loans, available up to 75% LTV, is down from 5.28% to now 4.99% variable for the first two years.
The latest reductions could lead to significant savings in monthly repayments compared to fixed rates. Based on an average loan size of £195,000 at 90% LTV over a 25 year term, borrowers could save over £46 per month by choosing the Society’s discounted rate over its fixed rate equivalent.*
Whilst the rate is variable and could go up, monthly repayment savings could also increase further should the Society respond to Base Rate reductions.
Tom Denman-Molloy, Intermediary Sales Manager at Mansfield Building Society, commented:
“Our reduced range of discounted rate mortgage products offer brokers the opportunity to present their clients with more affordable options on a variable rate.
“Alongside these rate reductions, brokers and their clients can still access our accommodating prime criteria, including debt consolidation up to 85% LTV, lending up to age 85 and a common sense, no credit scoring approach.
“This latest move further reinforces our focus on supporting brokers with competitive, client-focused mortgage solutions.”
