Interest is fixed at 3.54% for the first two years, and after this the standard variable rate will apply. The product is available for home purchases or remortgages up to £200,000 and 75 per cent loan to value, inclusive of a £999 arrangement fee.
The basic valuation is refunded upon completion up to a maximum of £400.
Pete Doherty, product manager at The Mansfield said, “We’re anticipating that this mortgage will be extremely popular with those already on the property ladder and first time buyers who are looking for a competitively priced 2 year fixed rate mortgage product. We believe our new mortgage product will allow intermediaries to offer additional options for their customers.”