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Defaqto on Mansfield Building Society’s 3-Year Discounted Rate Remortgage

View of Defaqto insight analyst for banking Kevin Bray

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.



Trio join FSCS board

The FSA has appointed Liz Barclay, Jayne Nickalls and David Weymouth as non-executive directors of the Financial Services Compensation Scheme. Barclay, a journalist and broadcaster, has 25 years experience covering money and consumer issues, having worked for the Independent on Sunday, the BBC and Citizens Advice. Nickalls was the chief executive of Directgov for more […]


HMRC wants IFAs to help draw up VAT guidance

HM Revenue & Customs has called on IFAs to help it put together specific tax guidance relating to VAT and adviser remuneration. Speaking at a discussion forum held by the Tax Incentivised Savings Association in London last week, HMRC deductions and financial services team senior policy adviser David Coppins said the department was working on […]


Meteor drops Lehman-backed product judicial review

Meteor is to repay a couple £20,000 they invested in one of its Lehman-backed products after agreeing to drop a judicial review of the Financial Ombudsman Service’s decision to award compensation. The FOS ruled in February that Meteor did not treat the couple fairly when it failed to inform them Lehman Brothers, the counterparty of […]

Federal Reserve cuts US growth forecast

The Federal Reserve has cut its growth forecast for the US economy due to higher energy prices. However, Fed chairman Bernanke says the effects of this are only likely to be temporary. The Fed estimates the economy will grow by between 2.7 per cent and 2.9 per cent this year, after forecasting growth of between […]


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