Mansfield Building Society has launched a 5-year fixed rate mortgage, available up to 95% loan-to-value (LTV), with affordability stressed at the pay rate, to help overcome affordability challenges.
Affordability can be stressed on the pay rate of the product, rather than the society’s standard variable rate (SVR) to allows for larger loan sizes.
The product, aimed at first-time buyers and home movers, includes a basic valuation, has no completion fee, and is available at a fixed rate of 5.99% until 14th February 2029.
Tom Denman-Molloy, intermediary sales manager at Mansfield Building Society, said: “As a mutual, Mansfield Building Society always wants to play a significant role in helping first-time buyers to take their first step onto the housing ladder.
“Affordability can often pose a challenge for this group of customers, especially now, with higher rates putting a squeeze on their borrowing power.
“By launching a 5-year fixed rate with affordability based on the pay rate, we are helping first-time buyers – and other high LTV customers – to secure the loan they need, whilst also giving them confidence that their mortgage rate won’t increase in the next five years.”
