The 2.90% discount off the society’s standard variable rate (currently 5.59%), gives an initial pay rate of 2.69% and is available for loans up to £450,000 at 75% loan to value.
The products include a free drive-by valuation and free legals. There is a £199 application fee but no completion fees.
It is available on an interest only basis up to 75% loan to value subject to an acceptable repayment vehicle being in place.
Robert McCoy, senior product and communications manager at SBG, commented: “At a time when many lenders are withdrawing or reducing their interest only options for customers this product will fill a gap in the market.
“Additionally, The Mansfield individually underwrites all applications and does not credit score applications, which allows its underwriters to take into account each client’s personal circumstances.”
Mike Taylor, sales and marketing manager at The Mansfield added: “We are delighted to be working with Sesame and their members on this exclusive product. This product matches the needs of those interest only customers who, with an acceptable repayment vehicle in place, still require a competitive remortgage offering.”
