The Mansfield Building Society has added two new fixed rate residential products to its Versatility range.
The move adds fixed rates to some of the society’s niche segments including mortgages for self-employed/contractors with limited proof of earnings, zero hours contracts, family assisted purchases, unusual property types and also for individuals who may have had historic credit issues.
Both products have no application fee and the completion fee can be added to the loan up to the maximum of 80% LTV. Rate availability is dependent upon criteria needs.
The first deal is a two-year fixed rate at 3.49%, with a completion fee of £800. The second deal is priced at 3.99% and has a completion fee 1.5% of the loan amount. Again, it is a two year deal.
In both instances legal fees and valuation fees paid by customer.
Similar fixed rate options are available through selected packagers, including Brightstar, Complete Financial Solutions, Clever Lending, Platinum Options and Positive Lending.
Mike Taylor (pictured), head of products and savings at the Mansfield, explained the new deals were added in response to increased demand for the mutual’s niche lending products as well as reacting to “the understandable sway” towards fixed rate options.
He said: “In the current interest rate environment, I think it’s reasonable to expect increased demand for fixed rate products. We believe that offering fixed rates alongside our common sense approach to underwriting, will give a real boost to those with unconventional circumstances that need the help of a pragmatic ‘can-do’ lender.
“The addition of our fixed rate products demonstrates our commitment to these niche markets – we’ll be announcing further updates to our Versatility proposition in due course.”