Mansfield Building Society has reduced rates on its main variable rate mortgage products and key loan-to-value (LTV) levels.
The newly updated biannual variable rate products are available for both purchase and remortgage, with rates reduced by up to 0.6%.
Those requiring higher LTV options, such as 80% – 90%, can now take advantage of a reduced rate of 5.39% variable, compared to the previous 6%. For home purchase borrowers with an LTV of 90% – 95%, the interest rate will be reduced to 5.79% variable, compared to 6.40% previously.
For loans up to 80%, LTV borrowers now have access to an initial rate of 5.10% variable (from 5.65%). The company’s housing product for larger loans, available up to 75% LTV, has fallen from 5.28% to 4.99% variable in the first two years.
Commenting on the rate cuts, Tom Denman-Molloy, intermediate sales manager at Mansfield Building Society, said: “Our limited range of discount mortgage products allows brokers to offer their customers more affordable options at a variable rate.
“In addition to these rate reductions, brokers and their clients will still have access to our accommodating key criteria, including debt consolidation up to 85% LTV, loans up to age 85 and a common sense, no credit score approach.”