The Mansfield Building Society has unveiled a three year fixed rate mortgage available up to 95% loan to value (LTV).
It is priced at 3.95% and is available for house purchase and capital repayment only.
There are no application or completion fees and it comes with a free basic valuation.
The product compliments the existing range of high LTV mortgages available from the Mansfield, with the Society already offering a two-year discounted rate and a five-year fixed rate mortgage to 95% LTV.
Steve Walton, national development manager at the Mansfield, said: “Figures from Moneyfacts in August suggest that product availability at 95% loan to value has dwindled. We are committed to supporting affordability for first time buyers, not only by offering competitive two, three and five-year terms but also through our commonsense individual underwriting approach.
“We think it’s important that customers have good quality options and we’re very excited by our range of products to 95% LTV, particularly as this new product which has no upfront fees. We believe that with this latest edition, brokers and their clients will have a much needed boost from a can-do lender.”