Mansfield Building Society has lowered rates for prime discounted variable-rate mortgages by up to 0.6%.
Products between 80% and 90% loan to value (LTV) can secure a variable rate of 5.39%, down from 6%.
Purchase borrowers looking at deals between 90% and 95% LTV can access rates at 5.79%, a drop from 6.4%.
For loans up to 80% LTV, borrowers can secure an initial rate of 5.1% variable, a decrease from 5.65%.
The society’s residential deal for larger loans up to 75% LTV has been lowered from 5.28% to 4.99%.
The mutual said the reductions could lead to significant savings on monthly repayments. Assuming an average loan size of £195,000 at 90% LTV on a 25-year term, borrowers can save £46 per month selecting a discounted rate over a fixed rate equivalent.
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Tom Denman-Molloy, intermediary sales manager at Mansfield Building Society, said: “Our reduced range of discounted-rate mortgage products offer brokers the opportunity to present their clients with more affordable options on a variable rate.
“Alongside these rate reductions, brokers and their clients can still access our accommodating prime criteria, including debt consolidation up to 85% LTV, lending up to age 85 and a common sense, no credit scoring approach.
“This latest move further reinforces our focus on supporting brokers with competitive, client-focused mortgage solutions.”
In November last year, the building society launched a five-year fix for credit repair.
