Family Buy to Let 3 Year Fixed Rate – XIB31A

• The Initial Rate is fixed for the first three years, at the end of the three years the Society’s standard variable rate (SVR) will apply
• Maximum loan size £500,000
• A repayment of capital up to a maximum of 10% of the outstanding capital balance will be allowed each calendar year during the product term without incurring an Early Repayment Charge. For more information, see ‘Will I be charged if I repay my mortgage?’ below
• An Early Repayment Charge of 3% will apply if the mortgage is redeemed at any time during the first year, followed by 2% in the second year, and 1% in the third year. The Early Repayment Charge is a percentage of the balance at the point of redemption
• Interest is calculated daily.

This product is subject to change or withdrawal without notice

Full details of how to apply for this product are detailed in the accompanying letter. By switching to a new product, you should be confident that your circumstances haven’t changed as we won’t provide any advice and you won’t benefit from the Financial Conduct Authority rules on assessing suitability.

If your circumstances have changed in any way or if you are unsure of your options and would like advice, you will need to contact a mortgage broker who will act on your behalf. A mortgage broker will assess your financial circumstances and will recommend the most suitable product for you from the range of  mortgages available. They will then deal with your product switch directly with us, if you have given them authority to do so.

If you do not have a preferred mortgage broker to act on your behalf, we can pass your details to our trusted partner Mortgage 1st. Email us at producttransfers@mansfieldbs.co.uk  or call us on 01623 676345 if you would like to do this. Like most mortgage brokers, fees for advice may apply and these will be discussed with you in advance before you make a commitment to proceed.

If you choose to do nothing, your interest rate will revert to our Standard Variable Rate (currently 8.64%) and your monthly mortgage repayments will increase in line with the revised rate. There are no Early Repayment Charges (ERCs) to leave our Standard Variable Rate and you are free to move to one of our products or remortgage to another lender without penalty.

The interest rate is fixed for the first three years and if our Standard Variable Rate (SVR) reduces during this time, you will not benefit from any reductions to your monthly mortgage payments. When you come to the end of the fixed rate term, we will write to you again to offer you another new deal and you can either choose to accept this deal, remortgage to another lender, or should you do nothing, revert onto our Standard Variable Rate (SVR). If you revert onto our SVR after the fixed rate term, the interest rate becomes variable and may go up or down.

Borrowers can make overpayments between 1 January and 31 December each year during the fixed rate period of up to 10% of the balance as at 1 January of the year in which the overpayment is made without incurring an Early Repayment Charge.

Any lump sum payments or regular overpayments received in a single calendar year, which in total exceed 10% of the balance on 1 January in the calendar year in which the overpayment is made, will incur an Early Repayment Charge on the amount of the excess. The Early Repayment Charge is a percentage fee of your current balance.

Any Early Repayment Charge will be waived if a new consecutive mortgage for at least the amount outstanding at the time of redemption is taken out with us. If a new mortgage for at least the amount outstanding at the time of redemption is taken out with us within 3 months of full repayment then any early repayment charge will be refunded.