The new product is available from 3.49% for house purchase only on loans up to £250,000.
It comes with a £199 application fee, £300 completion fee and Early Repayment Charge of 2%.
Steve Walton, National Development Executive, had this to say: “With recent ONS data showing that the average house increased in value by 7.6% in the 12 months to February 2016 we’re keen to do what we can to provide access to products that help make home ownership a reality.
This product is competitively priced and benefits from The Society’s personal approach which means that all applications are handled on a case-by-case basis. The Mansfield has always held First Time Buyers in high regard as they are key to a well-balanced housing market. Addressing the availability of housing stock is going to take some time, so we’re launching this product to give brokers and their clients a boost in the meantime.”
