It is now available on the lender's range of prime residential deals
Mansfield Building Society has reintroduced residential mortgage offerings tied to a Lifetime Discount follow-on rate that becomes effective once the initial product term concludes.
The follow-on rate, positioned at 1.74% below the lender’s standard variable rate, translates to a variable payment of 7.15% for the remainder of the mortgage after the initial term concludes.
The Lifetime Discount feature is now available across Mansfield’s array of prime residential offerings. These include family assist, shared ownership, retirement interest only, and versatility products.
The follow-on rate also comes without early repayment charges, allowing borrowers the flexibility to explore remortgaging with other lenders or opt for one of the mutual’s loyalty deals at the conclusion of the initial product term.
“As inflation cost and interest rate rises have continued to stretch household budgets, we wanted to find a way to make homeownership more affordable over the long-term, not just during the initial product term,” Richard Crisp (pictured), commercial development executive, said. “The introduction of our new Lifetime Discount means that borrowers can continue to enjoy access to our range of discounted or fixed rate deals in the knowledge that they will continue to receive a generous discount for the residual term of their mortgage.
“As a result of this initiative, the society has been able to flex its affordability stress test safe in the knowledge that borrowers with products linked to our Lifetime Discount will continue to pay a rate well below our SVR for the duration of their mortgage.
“We pride ourselves on the flexible solutions we offer to support borrowers, and the introduction of our new residential Lifetime Discount rate will ensure that access to our extensive criteria remains an affordable reality for more borrowers.”
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