The interest rate on Mansfield Building Society’s 2-year discount “SPV Ltd Company Holiday Let mortgage” has been reduced by 0.21%, bringing it down to 5.99%.

What does this mean for your wallet?

Well, on a £500,000 mortgage, this rate cut could save you a tidy sum of £875 in interest payments over the initial two-year period. That’s an extra £36 back in your pocket every single month!

This mortgage comes with a range of other benefits. You can borrow up to 75% of the property’s value, with loans available from £100,000 all the way up to a cool £1 million.

Early Bird Catches the Worm

Mansfield BS understands that flexibility is key, which is why they offer early repayment charges (ERCs) of just 2% in the first year and 1% in the second year. This means you can pay off your mortgage early without being hit by hefty penalties, giving you greater control over your investment.

Tom Denman-Molloy, Intermediary Sales Manager at Mansfield BS, said: “This rate reduction aligns with our commitment to providing competitive and flexible mortgage solutions for underserved borrowers. With its lower rate and strong product features, we believe this offering will appeal to brokers and their clients.”