by Mark Johnston
Mansfield Building Society has launched a new three year fixed rate mortgage that is being heralded as a market leader. The fixed rate mortgage is offered at 3.49% over a three year period. At 3.49% this offer makes it one of the best in class at the moment although more providers are announcing headline rates as the war is on to attract a dwindling number of borrowers.Mansfield Building Society was established back in 1869 and has been serving the community as a completely independent, mutual building society for the last 140 years. They have built their reputation on providing individual personal service to all its members calling on its heritage of the areas industrial past, spirit, work ethic and community minded nature.
The small building society currently has £300 million in assets which has been steadily growing over the years from its landmark HQ in Mansfield town centre and its network of branch offices around the country.
Mansfield Building Society operates with traditional values but has a modern and personal approach to mortgages. It current offers a range of fixed, tracker and variable mortgages.
The Building Society currently offers a two fixed rate mortgages at between 3.09 and 3.49 percent. The mortgage requires a deposit of 25% as it’s got a 75% loan to value (LTV). Borrowers looking to take out a £100,000 loan would require a £25,000 deposit.
The arrangement fee is currently £999 whilst the early repayment charge is 2% of the loan if its paid back within the first two years.
If the mortgage was taken over 25 years for a loan amount of £100,000 the 3.09% version would cost £483 per month. After the two years the mortgage reverts to the standard variable rate (SVR) which is currently 5.59% which would increase the monthly repayments to £626. The 3.49% mortgage would cost £505 per month.
They also offer a
a tracker rate mortgage at between 2.49 and 2.95 percent. Again, mortgage requires a deposit of 25% as it’s got a 75% loan to value (LTV). Borrowers would still be looking at a £25,000 deposit if the loan was taken out for £100,000.
The arrangement fee is the same at £999 as is the early repayment charge, 2% of the loan if its paid back within the first two years.
Using the same example, if the mortgage was taken over 25 years for a loan amount of £100,000 the 2.49% version would cost £451 per month. After the two years the mortgage reverts to the standard variable rate (SVR) which is currently 5.59%.The 2.95% mortgage would cost £475 per month.
Finally the Mansfield is offering a variable rate mortgage at 5.59%. It has a lower arrange fee of £599 and a smaller deposit is required as the loan to value (LTV) is 80%. Staying with the same £100,000 mortgage over 25 years, the loan would cost £626.
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