The Mansfield Building Society has launched a new three year discounted mortgage scheme available on residential owner occupied property in England and Wales up to a maximum loan to value of 90 per cent.
The standard variable interest of 6.73 per cent is discounted by 1.75 per cent for three years resulting in an initial payable rate of 4.98 per cent.
For house purchases, the product is subject to a processing fee of £40 and the cost of a basic valuation fee is refunded when the mortgage funds are released up to a maximum of £400. No up front fees are payable for remortgage applications.
Product manager Pete Doherty says: “This product is ideally suited to potential borrowers looking to reduce outgoings for a full three years. The 'Fee Free' remortgage element will be particularly attractive to many borrowers who want the benefit of a discounted interest rate without moving house.”