Mansfield Building Society has launched a 3 year fixed rate mortgage up to 95 per cent loan to value to support both first and second time home buyers
The new 3 year fixed mortgage is at a rate of 3.95 per cent for house purchase only, on a capital repayment basis, with no application or completion fee and a free basic valuation.
It forms part of the existing range of high loan to value (LTV) mortgages available from The Mansfield, with the Society already offering a 2 year discounted rate and a 5 year fixed rate mortgage to 95% LTV.
Steve Walton, national development manager for the society, said the latest product was a response to offer more choice to first time buyers and the high loan to value purchase sector.
“Figures from Moneyfacts in August suggest that product availability at 95 per cent loan to value has dwindled.
“We are committed to supporting affordability for first time buyers, not only by offering competitive 2, 3 and 5 year terms but also through our commonsense individual underwriting approach.
“We think it’s important that customers have good quality options and we’re very excited by our range of products to 95% LTV, particularly as this new product which has no upfront fees.”
Daniel Bailey, mortgage adviser at Derbyshire-based Middleton Finance, said the launch was "positive news", and branded the Mansfield offering "competitive".
