Mansfield Building Society: New tracker mortgage

Monday, 08 June 2009 11:38

Mansfield Building Society is launching a new tracker rate mortgage at 2.75 per cent over the base rate for the whole of the mortgage term.

Initially the rate 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 per cent of value.

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 an arrangement fee of £250 but covers cost of a basic valuation fee on completion up to a maximum of £400.

The Mansfield's new tracker mortgage has a two per cent early repayment charge if the agreed advance is repaid during the first two years and a maximum capital payment of ten per cent of the agreed advance during the first two years.

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