The Mansfield Building Society

First Time Buyer Mortgages

Here at The Mansfield Building Society we’re proud to support First Time Buyers with a range of mortgage products that will help you get your foot on the property ladder.

We offer mortgages up to 95% Loan To Value (LTV), meaning that with just a 5% deposit you could get a mortgage for your first home.

We are delighted to be involved in the Help to Buy Scheme in England and Wales which is available to qualifying applicants up to a maximum of 75% loan to value, subject to the purchaser(s) providing a minimum cash deposit of 5% of the value. The scheme offers an equity loan provided by the Government of up to 20% of the cost of the property.

We offer a range of shared ownership mortgage products to allow you to purchase a share of the property and pay rent on the remaining portion. These products are not listed in the table below, please visit our shared ownership mortgages page to find out more.

Below is a selection from our range of mortgage products available for First Time Buyers in England and Wales. You can compare our full range of mortgage products online or contact our sales team for further help and advice.

Here at the Mansfield Building Society we’re proud to support First Time Buyers with a range of mortgages that will help you get your foot on the property ladder.

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Mortgage Product Term Initial Rate1 Overall Cost for Comparison2 Max LTV3 Early Repayment Charge Product Fees
Help to Buy Equity Loan Scheme 3 Year Discounted Rate - SEOD08
More Information
3 years Currently 2.74% 5.0% APRC 75% 3% £199 application fee, £800 completion fee
2 Year Discounted Rate House Purchase Only - DID126
More Information
2 years Currently 2.94% 5.1% APRC Over 90% and up to 95% 2% £199 application fee, £300 completion fee
2 Year Discounted Rate - DID130
More Information
2 years Currently 2.44% 5.0% APRC over 80% and up to 90% LTV 2% £199 application fee, £300 completion fee
5 Year Fixed Rate House Purchase Only - DIX196
More Information
5 years 4.25% 5.0% APRC 95% 3% £199 application fee
2 Year Fixed Rate - DIX197
More Information
2 years 2.89% 5.0% APRC up to 90% 2% £199 application fee, £800 completion fee
3 Year Fixed Rate - DIX198
More Information
3 years 3.95% 5.1% APRC 95% 3% None

Representative Example

A mortgage of £144,900 payable over 25 years initially on a fixed rate of 3.95% for 3 years and then on our current standard variable rate of 5.34% for the remaining 22 years would require 35 monthly payments of £762.33 and 264 monthly payments of £ 867.93; plus one initial interest payment of £140.74.

The total amount payable would be £256,385.81 made up of the loan amount, plus interest and fee(s) totalling £111,485.81. This includes Chaps Fee (£25), Legal Fees (£255) and Redemption Administration Fee (£150).

The overall cost for comparison is 5.1% APRC representative.

Your home may be repossessed if you do not keep up repayments on your mortgage

Definitions

1 The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will revert to our Standard Variable Rate (SVR).

Our SVR is set by us and is currently 5.34%, as a variable rate it may go up or down.

2 The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.

3 Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage.

Shared Ownership mortgages will offer two percentages under LTV - the proportion of the property value and the proportion of the share being purchased.


Date printed: 24 May, 2017 15:32


The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049.
Member of the Building Societies Association.