The Mansfield Building Society has unveiled four new products exclusively for existing borrowers moving home and made them available through mortgage intermediaries.
All products are for house purchase only on a three-year initial term with a choice of fixed rate or discounted rate types.
The choices are as follows:
- Three-year fixed up to 80% LTV at 2.59%
- Three-year fixed over 80% to 90% LTV at 2.99%
- Three-year discounted rate up to 80% LTV at 2.29% pay rate (3.30% below SVR)
- Three-year discounted rate over 80% to 90% LTV at 2.59% pay rate (3.00% below SVR)
Each product comes with a free basic valuation, no application fee, a completion fee of £499 and carries an early repayment charge of 3% during the first three years.
Mortgage intermediaries with completed applications will earn a 0.35% procuration fee.
Mike Taylor, the Mansfield’s product and marketing manager, said brokers are an important part of the Society’s distribution strategy.
He said: “Existing borrowers returning to us should not be discouraged from seeking assistance from their mortgage broker.
“Even within the context of a competitive whole of market choice, we’re confident that our products will be highly regarded by our existing residential borrowers. Not only do we value the personal service that we provide, we also believe mortgage brokers should be fairly rewarded for their efforts too.”