Mansfield cuts discounted mortgage rates by up to 0.60%

Mansfield Building Society has cut rates on its prime discounted variable rate mortgage products across a range of LTV tiers. 

The newly updated two-year discounted variable rate products are available for both purchase and remortgage with rates having reducing by up to 0.60%. 

Those requiring higher LTV options between 80% and 90% can now benefit from a reduced rate of 5.39% variable, compared to the previous 6.00%. House purchase borrowers with LTVs of 90% to 95% will see rates reduced to 5.79% variable, down from 6.40% previously. 

For loans up to 80% LTV borrowers can now access an initial rate of 5.10% variable (down from 5.65%). The Society’s residential product for larger loans, available up to 75% LTV, is down from 5.28% to now 4.99% variable for the first two years.

Based on an average loan size of £195,000 at 90% LTV over a 25 year term, borrowers could save over £46 per month by choosing the Society’s discounted rate over its fixed rate equivalent.

Tom Denman-Molloy, intermediary sales manager at Mansfield Building Society, commented: "Our reduced range of discounted rate mortgage products offer brokers the opportunity to present their clients with more affordable options on a variable rate. 

“Alongside these rate reductions, brokers and their clients can still access our accommodating prime criteria, including debt consolidation up to 85% LTV, lending up to age 85 and a common sense, no credit scoring approach.

“This latest move further reinforces our focus on supporting brokers with competitive, client-focused mortgage solutions.”