View more on these topics

Mansfield zooms in on the North

Mansfield Building Society has designed a two-year discounted rate mortgage that has an interest rate of 4.95 per cent.

The mortgage is available for first-time buyers and borrowers who are remortgaging, but only in Nottinghamshire, Derbyshire and south Yorkshire. It has a 2.5 per cent discount in the first two years and there is no arrangement fee. It is available for loans of up to 75 per cent of valuation and the maximum amount that can be borrowed is £250,000.

The interest rate is attractive, but this is achieved because there is an extended tie-in, which may not suit some clients, particularly as the mortgage is not portable. If they decide to move home in the first three years, they will have to pay a penalty of three per cent of the advance.

According to Moneyfacts on December 15, 2000, the cheapest two-year discounted rate mortgage with an extended tie-in and a maximum loan to valuation of 75 per cent is Melton Mowbray at 4.19 per cent. Like The Mansfield Building Society mortgage, it has no arrangement fee but it is not available for remortgages. Borrowers are tied in for the first five years with the Mansfield Building Society, with the discount reclaimed in the first two years and six months&#39 interest payable in years three to five. This tie-in is two years longer than Mansfield Building Society.

Recommended

Pink home loans joins lending panel

First National Mortgage Company has put Pink Home Loans on its premier panel of mortgage packagers. Pink are offering First National&#39s full product range, including their full status manageable mortgage, self-certification products and their new sub prime product range called Fresh Start. Pink marketing director David Copland says: “Fresh Start is a breakthrough in the […]

Windsor act on liability annuities

Windsor Life Assurance is aiming to transform the personal liability compensation market with the launch of the UK&#39s first with-profits structured settlement annuity plan. Windsor, which predominantly operates on a closed-book basis, is launching the plan as it believes the introduction of a with-profits product could improve annuities by up to 69 per cent over […]

Nationwide set to allow resolution

Nationwide Building Society is set to permit carpetbaggers to bring a conversion resolution at its annual meeting next year. The board of directors meets this week to decide whether to delay the move but a spokesperson for the building society said the board is “very likely” to allow the resolution. The carpetbagger&#39s campaign is being […]

Zifa mortgage business up 50 per cent

Zifa announces it has doubled its mortgage introduction business this year to £600m from £300m in 1999. The latest CML figures indicate there has been a decline in mortgage business over the last quarter but this doesn&#39t seem to have affected Zifa. This is the second year, Zifa has been active in the mortgage introduction […]

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment