The Mansfield launches 95% LTV product to help first time buyers and borrowers with modest equity

03 May 2016

Mansfield Building Society has launched a new 2 year discounted rate mortgage up to 95% ltv to help first time buyers get on the housing ladder. It also provides access for borrowers with modest equity to access the next rung.

Available across England and Wales, the new product is available for house purchase only on loans up to £250,000 on a capital repayment basis. Other key features include:

• Initial pay rate 3.49% (2.10% below SVR)
• Application fee £199
• Completion fee £300
• Early Repayment Charge 2%

Applicants also benefit from The Society’s pragmatic and personal underwriting approach which considers the use of personal guarantees, family gifted deposits and up to four applicants on a single mortgage.

National Development Executive, Steve Walton, said that the Society is keen to do all it could to help meet the real life needs of borrowers challenged by the increasing cost of purchasing an affordable home.

“With recent ONS data showing that the average house increased in value by 7.6% in the 12 months to February 2016 we’re keen to do what we can to provide access to products that help make home ownership a reality.

This product is competitively priced and benefits from The Society’s personal approach which means that all applications are handled on a case-by-case basis.

The Mansfield has always held First Time Buyers in high regard as they are key to a well-balanced housing market. Addressing the availability of housing stock is going to take some time, so we’re launching this product to give brokers and their clients a boost in the meantime.”