Mansfield Building Society has updated its Versatility range with two new two-year discounted variable rate products with reductions of up to 0.24%.
Mansfield’s Versatility range includes products for borrowers with complex circumstances, such as non-standard incomes, historical credit blips, and unusual property types.
The products offer affordable mortgage options across two tiers of complexity, Versatility and Versatility Plus.
Mansfield’s latest Versatility product is available for loan to values (LTVs) of more than 80% and up to 85%, with a discounted variable rate of 6.4%.
The new rate is a reduction of 0.24% against its previous offering, and is a 0.39% saving compared to its current equivalent fixed rate of 6.79%.
The Versatility Plus product is available up to 80% LTV at a reduced variable rate of 5.95%, down 0.19% from the previous 6.14% rate.
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It provides a 0.44% saving compared to the society’s current equivalent fixed rate of 6.39%.
Monthly savings
It means that, based on an average Versatility loan size of £188,000 over a 25-year term, the 5.95% discounted rate could save borrowers more than £50 per month compared to the society’s equivalent 6.39% fixed rate.
Monthly repayments on the Versatility Plus discounted rate would be approximately £1,210.17, compared to £1,261.32 for the equivalent fixed rate, offering a monthly saving of £51.15.
Tom Denman-Molloy, intermediary sales manager, said: “We’re pleased to update our Versatility range with lower discounted variable rates, bringing our customers more affordability alongside our accommodating criteria.
“These competitive rates mean substantial monthly savings, which is crucial for many borrowers right now.
“These updates demonstrate that we are responsive to market changes and supporting both brokers and borrowers with mortgage products that improve affordability and offer sustainable choices.”
