Mansfield has launched a new low-fee product with a rate of 1.75 per cent for house purchase or remortgage.
The 2-year “fee light” fix is available up to 80 per cent loan-to-value (LTV) on residential properties throughout England and Wales on a capital repayment or interest-only basis.
It comes with a £199 application fee, no completion fee and free basic valuation, with free legal fees for remortgages.
The 80 per cent LTV product has a maximum loan size of £400,000, rising to £500,000 at 75 per cent LTV.
Capital repayment (and part and part) is available up to 80 per cent LTV subject to repayment by age 70, with interest-only available up to 75 per cent LTV.
Lending beyond age 70 is also available subject to LTV restrictions.
National development manager Steve Walton said: “Brokers are becoming increasingly aware of how our common-sense and pragmatic approach to lending can help support their client’s needs - particularly self-employed, interest only borrowers, and people in or fast approaching retirement.
“Whilst we’ve got off to a great start this year, we’re still keen to expand our current product range and by including a product with low fees and the benefit of a free valuation and free legal fees for remortgages, our success is certain to continue.
“We expect this product to be well received as we approach the traditional house-buying season but also, given the increased popularity for remortgaging at the moment, we feel this product is a great choice for those looking to switch provider too.”
Bob Riach, at Scunthorpe-based Riach Financial Advisers, said the mortgage was competitive but pointed out that similar low-fee products are available from other lenders on the market.
“It is a good thing to be bringing something competitive out,” he added. “Accord and HSBC have [low fee] products with slightly better rates, but the Mansfield can be more flexible with their criteria.”
simon.allin@ft.com
