Mansfield BS cuts prices and expands range

Mansfield Building Society reduced seven higher loan-to-value (LTV) products by up to 0.6% and launched two 95% loan-to-value (LTV) products.

Discounts apply to certain purchase or remortgage products up to 80% LTV and purchase of products up to 95% LTV.

This includes a two-year fixed rate of up to 80 percent LTV which went from 2.79 percent to 2.39 percent.

Its two-year fixed rate, available at over 80% LTV and up to 90% LTV, rose from 3.29% to 2.69%.

Both come with an application fee of £ 199 and a completion fee of £ 800, as well as a 2% prepayment charge.

According to the mutual, the change will make options cheaper for brokers whose clients seek capital raising, debt consolidation and interest only with downsizing.

Those looking for home buying deals will also be able to access versatile criteria as well as discounted rates. Highlights of the criteria include joint borrower sole proprietorship loans, guarantors, deposits offered, and an open approach to those with little or no credit history.

The two new products include a two-year reduced rate of 2.99% variable and a five-year fixed rate of 3.49%. Both come with a free assessment, an application fee of £ 199 and a completion fee of £ 300.

Mortgage Sales Manager, Andy Alvarez (on the picture), said he believed the rate cut would be popular with brokers and make the mutual’s proposal even more attractive.

He added, “There are several lenders who seem to be offering good deals right now, but the rates themselves don’t always tell the whole story. For many borrowers in today’s real estate market, it’s important that behind the overall rate is a lender who seeks to be flexible and accommodating.

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Joan Ferguson

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