Borrowers looking to take advantage of the low Bank of England Bank Rate are being offered a new tracker mortgage scheme from the Mansfield Building Society.
The interest rate tracks the Bank of England Rate (currently 0.5%) plus 2.75 per cent for the whole of the mortgage term. The initial payable rate, therefore, is 3.25 per cent.
A minimum payable rate of 2.75 per cent will apply for the whole of the mortgage term and the product is available on home purchases or re-mortgages up to a maximum loan value of £300,000 and 75% of value.
The Mansfield product manager, Peter Doherty, said: “This tracker is ideal for borrowers coming to the end of a fixed or discounted rate product and who want to reduce their monthly payments whilst the bank rate is low.
“The tracker has a relatively low arrangement fee of £250 and an added incentive of the cost of a basic valuation fee being refunded on completion up to a maximum of £400.”
The Mansfield’s new tracker mortgage carries a two per cent early repayment charge if the agreed advance is repaid during the first two years and a maximum capital payment of 10 per cent of the agreed advance during the first two years.
For more information, contact The Mansfield Building Society on 01623 676300.
About The Mansfield
The Mansfield Building Society has branches in Chesterfield, Kirkby in Ashfield, Sutton in Ashfield and Mansfield town centre.
The Mansfield Building Society can trace its history back 139 years. It formed as a mutual and still works for the exclusive benefit of its members. There are around 50 remaining building societies still going strong in the UK that remain true to their founding principles, of which the Mansfield is one.
The Mansfield Building Society, as a mutual, is run for the benefit of its members. There are no shareholders and no dividends. This ensures that profits are re-invested in the Society and in giving customers competitive rates. Mutuals are recognised as offering savers a strong guarantee and safe haven from fluctuations in the market.
The Mansfield Building Society is committed to developing a personal service and relationship with its customers. There are no call centres, and there is no credit score as with larger profit motivated lenders, every application is considered on its merits.
The Mansfield Building Society offers a full range of mortgage and savings products to over 25,000 customers. Even though many customers are from the East Midlands, some even being the third or fourth generation from their family to entrust their financial concerns to the Society, many clients that take advantage of the competitive financial products on offer reside throughout England and Wales.
Press enquiries and to request interviews contact Dan Gledhill or Nicola Watson, RMS PR, Tel 0161 927 3131.
Email: dan@rmspr.co.uk or nicola@rmspr.co.uk
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