A mortgage exclusively available for lending to Special Purpose Vehicle (SPV) Limited Companies with up to 4 UK resident directors or shareholders on properties located in England and Wales.
| Key Details | |
| Term | 2 years |
| Initial Rate1 | 5.70% variable |
| Overall Cost For Comparison2 | 8.3% APRC |
| MAX LTV3 | 75% |
| Early Repayment Charge | 2% in year one, followed by 1% in year two |
| Product Fees | £199 application fee, £999 completion fee |
A £1,000 Completion Fee added to the loan amount would increase in value over the term of the mortgage and an illustrative example is provided below based on a static rate over a 10, 15 or 25 year term.
Fee Amount |
Rate |
Value of the fee with interest at 10 years |
Value of the fee with interest at 15 years |
Value of the fee with interest at 25 years |
| £1,000 | 8.64% | £1,864.00 | £2,296.00 | £3,160.00 |
A mortgage of £150,000.00 payable over 15 years initially on a variable rate, currently 5.70% for 2 years and then on our current standard variable rate of 8.64% for the remaining 13 years would require 23 monthly payments of £1,246.00 and 156 monthly payments of £1,465.47; plus one initial interest payment of £700.82.
The total amount payable would be £259,827.14 made up of the loan amount, plus interest and fee(s) totalling £109,827.14. This includes Application Fee (£199), Legal Fees (£255), Valuation Fee (£252), Chaps Fee (£25), Completion Fee (£999) and Redemption Administration Fee (£125).
The overall cost for comparison is 8.3% APRC representative.
A representative example is designed to help understanding of the typical cost of this mortgage. This is not an illustration and is only provided as an example.
A discounted variable rate mortgage is discounted from our Standard Variable Rate (SVR), and as a result, the initial rate will go up or down when we change our SVR and by the same amount. We choose when to change our SVR depending on a variety of factors and our SVR is not directly linked to the Bank of England Base Rate (BBR). If the interest rate goes up, we will write to borrowers in advance to inform them of the intended changes.
When borrowers come to the end of the initial rate term, we will write to them to offer them another deal and they can either choose to accept this deal, remortgage to another lender, or should they do nothing, revert onto our SVR.
The fee charged is normally based on the purchase price of the property at the time of inspection. Where the purchase price is preferential or where the price is not known at the time of inspection, the fee charged will be based on the valuation figure. Unless otherwise stated in the product features, a basic valuation fee is payable by the applicant(s).
You can find out more including the fee scale in our Mortgage Valuation Fees document.
Unless otherwise stated, our mortgage products are available for house purchase or remortgage. All our mortgage products are subject to availability and can be withdrawn at any time.
All mortgage applications are manually underwritten by our experienced underwriters and are subject to a full assessment against our lending criteria.
It is important that you take time to read and understand the mortgage product features detailed above and the information about our Residential or Buy to Let mortgages detailed in the General Information Guides.
For new mortgage enquiries, we accept applications from mortgage brokers and intermediaries only. If you are not a mortgage broker and are a customer looking for a new mortgage, we can pass your enquiry on to our trusted partner Mortgage 1st.
Mortgage 1st* are an independent mortgage broker who provide advice on mortgages from across the mortgage market to get the right deal for you. If you would like to make an enquiry, simply enquire online and they will then contact you to discuss your mortgage needs.
If you are an existing borrower, you can still contact us directly to discuss your mortgage.
*Mansfield Building Society are an introducer to Mortgage 1st for mortgage advice. Mortgage 1st is a trading style of Mortgage First Limited, which is an appointed representative of Stonebridge Mortgage Solutions Ltd, and is authorised and regulated by the Financial Conduct Authority. Mortgage 1st Limited is on the Financial Services Register under firm number 484231.
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 either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR.
Our SVR is set by us and is currently 8.64%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR (currently 6.90% variable) and will go up or down with changes to our SVR.
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.
Your home may be repossessed if you do not keep up repayments on your mortgage
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.
Date printed: 30/10/2024 07:38:13 am
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