Mansfield Building Society has announced a major shake-up of its mortgage range, delivering a welcome boost for borrowers. The building society has cut rates across its fixed-rate products by as much as 0.70% and added a range of new deals.

The move will be particularly beneficial to first-time buyers, who will now find it cheaper to get on the property ladder with Mansfield.

Here are the key changes:

New Products:

• Five-year fixed-rate mortgages are now available for those with a deposit of just 5% (95% LTV) at a rate of 5.79%.
• Borrowers with a 10% deposit (90% LTV) can secure a five-year fix at 5.59%.

Reduced Rates:

• Two-year fixed-rate mortgages now start from 5.29% for those with a 20% deposit (80% LTV).
• For borrowers with a 10% deposit, two-year fixes are priced from 5.79%.
• First-time buyers purchasing a property can access two-year fixes from 6.19% (90% to 95% LTV).

Other Products:

• Shared Ownership mortgages: rates have been reduced by up to 0.70%, with five-year fixes available from 5.49% for those buying up to 95% of the share (up to 75% of the property value)
• Buy-to-let mortgages: rates have been cut by up to 0.40%. Landlords can now secure a five-year fixed-rate buy-to-let mortgage from 5.39% (75% LTV).

Follow-on Rate Reduction:

• Mansfield’s follow-on rate, which applies after the initial fixed-rate period ends, has been lowered from 7.15% to 6.90%.

Tom Denman-Molloy, Intermediary Sales Manager at Mansfield, commented on the changes: “The recent rate reductions across our prime residential, Shared Ownership, and Buy-to-Let product ranges are designed to support affordability and provide greater choice.”