The Mansfield adds fixed rates to its Versatility range
22 November 2017
Mansfield Building Society has added two new fixed rate residential products to its Versatility range.
The products will help support fixed rate product availability in 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.
Option 1:
- 2 year fixed rate 3.49%
- Completion fee £800
- Legal fees and valuation fees paid by customer
Option 2:
- 2 year fixed rate 3.99%
- Completion fee 1.5% of the loan amount
- Legal fees and valuation fees paid by the customer
Similar fixed rate options are available through selected packagers, including Brightstar, Complete Financial Solutions, Clever Lending, Platinum Options and Positive Lending.
Mike Taylor, Head of Products and Savings at The Mansfield, said the latest move was in response to increased demand for our niche lending products as well as reacting to the understandable sway towards fixed rate options:
“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.”
