The product is a 3 year discounted rate with an initial payable rate of 3.49% and has an application fee of £199 payable at the time of application and a completion fee of £800 added to the loan amount upon completion. A basic valuation fee (up to £400) will be refunded on completion of the mortgage.
The Help to Buy Shared Equity mortgage is available via approved house builders and as Government Scheme rules apply, all applications must be accompanied by confirmation from the HomeBuy Agent that applicants are fully eligible for the Scheme.
Chief Executive Gev Lynott explains:
“At The Mansfield we pride ourselves on offering a range of mortgage solutions to help people fulfill their housing needs. We previously offered mortgages that supported the FirstBuy and HomeBuy initiatives so it was only natural that we should support the latest Government backed initiative to help people get onto the housing ladder”
Gev went on to say:
“Whilst the second part of the Government’s Help to Buy scheme is still awaited, The Mansfield has already got mortgages available which are backed by external insurance and only require either a 5% or 10% deposit. We find these products are extremely popular as we also accept cash gifts from family members as valid contributions to the deposit. In this way we can help people who can readily afford the monthly repayments but have difficulty saving up for a deposit, get onto the housing ladder that much earlier”
This flexibility over the source and size of the deposit is part of a series of initiatives from The Mansfield which are aimed at assisting borrowers who have lower deposits than those demanded by lenders elsewhere.
