Bray says: “While the major lenders in the mortgage market focus on trackers and fixed rates, the smaller building societies continue to offer discounts to their standard variable rate mortgages.
“Mansfield Building Society currently offers five discounted mortgage products within its portfolio and given that its standard variable mortgage rate sits uncomfortably high at 5.59 per cent, it is essential that the discounts are substantial.
“This particular product is a 2.3 per cent discount for three years giving an initial pay rate of 3.29 per cent. It is only available for remortgages up to £300,000 with a maximum LTV of 80 per cent and also benefits from not charging an arrangement fee. If customers are specifically looking for discounted remortgage products with no fees and an LTV above 75 per cent, then together with Furness Building Society, this is the best priced product available in the market.