Mansfield chops its discount mortgage rates

Mansfield Building Society has cut rates on its prime discounted variable mortgage products by up to 0.6 percentage points.

The new two-year discounted variable rate products are available for both house purchases and remortgages.

What’s new?

The deals are available to those who need to borrow a high proportion of the property’s value, between 80% and 90%, and start at a reduced rate of 5.39% variable, compared to the previous 6.00%.

House purchase borrowers who want a mortgage of 90% to 95% of the property’s value will see rates reduced to 5.79%, down from 6.40%.

For loans up to 80% 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.

Tom Denman-Molloy, intermediary sales manager at Mansfield Building Society, said: “Our reduced range of discounted rate mortgage products offer brokers the opportunity to present their clients with more affordable options on a variable rate.

Sponsored

Your Mortgage Awards 2024/25: winners revealed

Sponsored by Your Mortgage Awards

“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.”