Mansfield Building Society has reduced interest rates on its prime discount variable rate mortgage product and key loan-to-value (LTV) tiers.
The newly updated two-year discounted variable rate product is available for purchase and remortgage, with interest rates reduced by up to 0.6%.
Those customers who require a higher LTV option (e.g. 80% – 90%) can now benefit from a variable interest rate of 5.39% (compared to the previous 6%). The interest rate for home purchase borrowers with an LTV of 90 to 95 percent will drop to 5.79 percent from the previous 6.40 percent.
Borrowers can now get a variable initial interest rate of 5.10% (down from 5.65%) for loans with an LTV of up to 80%. The association’s jumbo loan residential product offers a maximum LTV of 75%, with the variable falling from 5.28% to 4.99% in the first two years.
Commenting on the rate cut, Mansfield Building Society agency sales manager Tom Denman-Molloy said: “We have reduced our range of discount rate mortgage products, providing brokers with the opportunity to offer more affordable variable rate options to their clients.
“In addition to these rate cuts, brokers and their clients still have access to our relaxed top criteria, including debt consolidation up to 85% LTV, loan terms up to 85 years and a common-sense no-credit-scoring approach.”
