Called the Community First Time Buyer Scheme, the mortgage offers borrowers a fixed interest rate of 4.99% for the first three years on loans of up to £135,000. To qualify, first time buyers will only need a 10% deposit.
The product carries a competitive arrangement fee of £999 that is added to the loan and a repayment term up to 35 years can be considered.
Mansfield Building Society product manager, Peter Doherty, said, “This new product is aimed at helping local people get onto the property ladder with a competitive interest rate and a realistic deposit.
“As the community’s building society we understand the local housing market and we need to help first time buyers from the region buy their first homes with the security of fixed repayments for three years and a manageable deposit.”
The Community First Time Buyer Scheme is available exclusively direct from The Mansfield Building Society on all residential owner-occupied property in Nottinghamshire and Derbyshire.