Mansfield launches new fixed rate mortgage
Wednesday, 20 Aug 2008 11:46
The Mansfield Building Society joined an emerging industry trend today, and introduced two new fixed-rate mortgage products to the market.
A new 5.99 per cent fixed-rate deal will now be available from the lender, for either two or three-years, the company has confirmed.
The news follows a spate similar announcements today, from the Yorkshire Building Society, Royal Bank of Scotland and Abbey.
The Mansfield products, which can be obtained direct from the society, are available for home purchases or remortgages up to a maximum loan of £200,000 and 75 per cent loan to value.
The also include a £999 arrangement fee.
Both products have no extended early repayment charge and the basic valuation fee will be refunded on completion up to a maximum of £400.
However, the spate of new deals entering the market is unlikely to reverse the severe slowdown in lending activity recorded in recent months.
Figures released today by the Council of Mortgage Lenders (CML) reveal lending has fallen 27 per cent year-on-year to July.
The Mansfield Building Society – the 39th biggest building society in the UK - has five branches; one in Chesterfield, Ashfield and Sutton and two in Mansfield.
Chris O'Toole