Contact
Portal
Menu
Further Advance: Residential Discounted Variable Rate For Mortgage Term – DDF013
Exclusively available for existing residential mortgage customers wanting to borrow more.
| Key Details | |
| Term | Duration of the mortgage term |
| Initial Rate1 | 6.90% Variable |
| Overall Cost For Comparison2 | 7.3% APRC |
| MAX LTV3 | 90% |
| Early Repayment Charge | None |
| Product Fees | £150 Completion Fee |
Product Fees
- The Completion Fee can be paid before completion or added to the loan. If the Completion Fee is added to the loan amount, interest will be charged on the amount of the fee and this will be reflected in the monthly repayment over the term of the mortgage
A £150 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 |
| £150 | 8.64% | £279.60 | £344.40 | £474.00 |
Mortgage Intermediaries
01623 676360
Representative Example
A mortgage of £15,000 payable over 30 years on a variable rate of 6.90% for the mortgage term would require 360 monthly payments of £98.79.
The total amount payable would be £35,829.40 made up of the loan amount, plus interest and fees totalling £20,829.40. This includes Valuation Fee (£90), Completion Fee (150) and Chaps Fee (£25).
The overall cost for comparison is 7.3% APRC representative.
Mortgage Product Features
- 1.74% discount from our Standard Variable Rate (SVR) for the duration of the mortgage term
- Maximum loan size £300,000
- Valuation fee payable by customer
- A minimum interest rate of 3% will apply during the mortgage term
- Interest is calculated daily and and will be charged up to and including the date of redemption
This product is subject to change or withdrawal without notice
How do I apply?
This product can only be accessed via a qualified mortgage adviser, acting on behalf of an existing Mansfield Building Society borrower. If you are an existing borrower and 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 brokers@mansfieldbs.co.uk or call us on 01623 676360 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.
Will the interest rate change?
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 you in advance to inform you of the intended changes.
There are no Early Repayment Charges associated with this product and you can choose another deal with us or remortgage to another lender at any time without penalty.
Will I be charged if I repay my mortgage?
There are no Early Repayments Charges applied on this product and you can make additional payments without charge.
How much are valuation fees?
The valuation fee is payable by the customer. If you require a more detailed Homebuyers Report, this will be at an additional charge. You can find out more including the fee scale in our Mortgage Valuation Fees document.
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 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: 04/12/2024 08:41:30 am
Page last updated: 16/09/2024 04:24:17 pm
Our intermediaries website is for use by authorised intermediaries only.
Please click on the link below to proceed
Continue to intermediaries site