The mutual is offering an initial rate of 4.49 per cent on its variable rate product, down from 4.99 per cent previously, and has cut its completion fee from £600 to £300.
The product is only available to customers in the three counties, and is available directly or through intermediaries. Customers can borrow at loan-to-values of between 80 per cent and 95 per cent, with the product reverting to a standard variable rate after three years.
| Key features |
• Total cost for comparison is 5.5% APR • Minimum rate payable of 2% during discounted period • Basic valuation fee refunded on completion up to a maximum of £400 • Application fee of £199 • Maximum loan value of £200,000 |
Mike Taylor, sales and marketing manager of Mansfield, said the deal was designed to support first-time buyers in the area, while the society was keen to speak to brokers with clients looking for high LTV loans.
Adviser verdict
Andy Wilson, director of Lincolnshire-based Andy Wilson Financial Services, said: “This is a competitive rate that could be attractive for first-time buyers, but I think it will have limited take-up given its geographical coverage, the availability of the Help to Buy scheme, and the fact that so many people are looking at fixed-rate deals over three and five years ahead of the inevitable interest rate rise.”
