Mansfield Building Society has added two fixed rate residential products to its ‘versatility range’ for those requiring specialist underwriting.
The products are 80% loan-to-value 2-year fixes and have a rate of 3.49% with an £800 completion fee or 3.99% with a completion fee comprised of 1.5% of the loan amount.
The products are for self-employed/contracts with limited proof of earnings, zero hours contracts, family assisted purchases, unusual property types and individuals with historic credit issues.
Mike Taylor, head of products and savings at The Mansfield, said: “In the current interest rate environment, I think it’s reasonable to expect increased demand for fixed rate products.
“We believe that offering fixed rates alongside our common sense approach to underwriting, will give a real boost to those with unconventional circumstances that need the help of a pragmatic ‘can-do’ lender.
“The addition of our fixed rate products demonstrates our commitment to these niche markets – we’ll be announcing further updates to our Versatility proposition in due course.”
The completion fee can be added to the loan up to a maximum of 80% LTV.
Similar fixed rate options are available through packagers including Brightstar, Complete Financial Solutions, Clever Lending, Platinum Options and Positive Lending.