A mortgage available for purchase, remortgage or staircasing on a shared ownership basis from pre-approved housing associations registered with Homes England or the Welsh Government.
| Key Details | |
| Term | Until 31 March 2030 |
| Initial Rate1 | 5.49% |
| Overall Cost For Comparison2 | 6.6% APRC |
| MAX LTV3 | 95% of the share being purchased, 75% property value |
| Early Repayment Charge | 3% until 31 March 2028, 2% until 31 March 2029, 1% until 31 March 2030 |
| Product Fees | None |
A mortgage of £86,685.00 payable over 30 years initially on a fixed rate of 5.49% until 31 March 2030 then on our follow-on rate of a 1.74% discount off our standard variable rate (currently 8.64%) giving a rate of 6.90% variable for the remaining 24 years 8 months would require 63 monthly payments of £492.18 and 296 monthly payments of £561.10; plus one initial interest payment of £403.09.
The total amount payable would be £198,251.03 made up of the loan amount, plus interest and fee(s) totalling £111,566.03. This includes Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£125).
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.
The interest rate is fixed until 31 March 2030 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 follow-on rate at 1.74% below our Standard Variable Rate (SVR).
If you revert onto our follow-on rate after the fixed rate term, the interest rate becomes variable and will go up or down when we make changes to our SVR. A minimum interest rate of 3% will apply to the follow-on rate during the remainder of the mortgage term.
Borrowers can make overpayments between 1 January and 31 December each year during the fixed rate period of up to 10% of the original loan amount 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 original loan amount 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.
A basic valuation fee is included. 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.
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: 21/11/2024 10:23:37 am
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