Mansfield Building Society has launched four new products exclusively available through mortgage intermediaries for existing borrowers moving home.
The products are for houses purchases on a three-year initial term and include a choice of fixed or discounted rates.
They include a three-year fixed rate up to 80 per cent loan-to-value at 2.59 per cent, a three-year fixed rate up to 90 per cent LTV at 2.99 per cent, a three-year discounted rate up to 80 per cent LTV at 2.59 per cent and a three-year discounted rate up to 90 per cent LTV at 2.59 per cent.
They each come with a free basic valuation, no application fee, a completion fee of £499 and an early repayment charge of 3 per cent during the first three years.
Mortgage intermediaries with completed applications will earn a 0.35 per cent procuration fee.
Mike Taylor, product and marketing manager at building society, said: “Existing borrowers returning to us should not be discouraged from seeking assistance from their mortgage broker.
“Not only do we value the personal service that we provide, we also believe mortgage brokers should be fairly rewarded for their efforts too.”
But Mark Alexander, director at Mortgage Find, said while Mansfield’s deals are quite competitive, there are more competitive mortgage rates around.
He said: “Two examples of these are an 80 per cent LTV three-year fixed rate via Metro Bank or Virgin Money at 2.19 per cent and 90 per cent LTV three-year fixed rate via Coventry Building Society at 2.69 per cent.”
