The Mansfield cuts rates on Holiday Let, high LTV and Versatility mortgages

06 March 2020

Mansfield Building Society has cut rates on its Holiday Let, 2 year discounted rate to 95% LTV, and two discounted rates within its Versatility product range.

Over half a percent has been cut from its residential 2 year discount to 95% LTV with borrowers now able to choose an initial rate of 2.99% (variable).

Holiday Lets benefit from a 0.20% reduction, making the initial pay rate 3.45% variable, while the Versatility mortgages are cut by 0.10% each, reducing the initial rates to 3.99% variable (Versatility 3) and 4.39% variable (Versatility 4).

The range of Versatility mortgages are for circumstances that require more of the Society’s underwriting expertise, such as unusual property types, complex income types (or those with limited employment/self-employed income history), and historic credit blips.

National Development Manager, Paul Lewis, said that by reducing the initial rates, the Society was looking to appeal to a wider population:

“We hope the new pricing will provide an incentive for brokers and their clients to take advantage of our flexible approach to lending. We’re keen to increase the visibility of our well-priced discounted rates for those with circumstances who don’t meet automated scorecard criteria.

Indeed, we have just been shortlisted for ‘Best Variable Rate Lender’ in the 2020 What Mortgage Awards and hope this latest set of changes make us even more appealing. However, we recognise that discounted variable rates aren’t for everyone, so I’m pleased to confirm that our Versatility range also includes fixed rates, providing even greater choice.”