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At Mansfield Building Society, we’re proud to support first time home buyers with a range of mortgage products and a flexible approach that can help you get your foot on the property ladder.

If you’re looking to buy your first house we have flexible criteria that could really help you buy the home that you’re looking for.

Low deposit mortgages are a major benefit for first time buyers and there are a number of ways that we can help. We can accept deposits that have been gifted from a family member or if a family member wishes to help with the deposit by offering security through cash savings or equity in their own home, we can do this under a designated range of Family Assist mortgages.

These days, first time buyers looking for a joint mortgage can need this to extend beyond just partners, friends or siblings living together.

At The Mansfield, we allow up to four people on a mortgage application and that can include a family member acting as a guarantor to meet the mortgage payments in case the borrower may not be able to meet them. Subject to product availability, we can also allow circumstances where a close family member can contribute to the mortgage and not have any ownership rights on the property, this is something called a Joint Borrower Sole Proprietor mortgage*.

As well as our flexible approach, there are various types of mortgages for first time buyers . Below is a selection from our range of mortgage products for first time buyers available in the UK across England, Wales and Scotland*.

*Joint Borrower Sole Proprietor criteria is not available on Family Assist or Help to Buy mortgages. Our Help to Buy mortgage is not available in Scotland and other lending restrictions apply in this country, please see product details for full terms and conditions.

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2 Year Discounted Rate – DID142

Term 2 years
Initial Rate1 Currently 1.99%
Overall Cost For Comparison2 4.6% APRC
MAX LTV3 80%
Early Repayment Charge 2%
Product Fees £199 application fee, £300 completion fee

A mortgage of £142,000.00 payable over 14 years initially on a variable rate, currently 1.99% for 2 years and then on our current standard variable rate of 5.35% for the remaining 12 years would require 23 monthly payments of £974.17 and 144 monthly payments of £1,175.26 plus one initial interest payment of £239.34.

The total amount payable would be £192,786.69 made up of the loan amount, plus interest and fee(s) totalling £50,786.69.  This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£300) and Redemption Administration Fee (£125).

The overall cost for comparison is 4.6% APRC representative.

Family Assist 5 Year Fixed Rate – House Purchase Only – XFM001

Term 5 years
Initial Rate1 3.89%
Overall Cost For Comparison2 5.0% APRC
MAX LTV3 100%
Early Repayment Charge 3%
Product Fees £199 application fee, no completion fee

A mortgage of £190,000 payable over 33 years initially on a fixed rate of 3.89% for 5 years and then on our current standard variable rate of 5.35% for the remaining 28 years would require 59 monthly payments of £853.64 and 336 monthly payments of £1,003.26 plus one initial interest payment of £626.01.

The total amount payable would be £388,979.13 made up of the loan amount, plus interest and fee(s) totalling £198,979.13. This includes Application Fee (£199), Valuation Fee (£194), Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£125).

The overall cost for comparison is 5.0% APRC representative.

Family Assist 3 Year Discounted Rate – House Purchase Only – DFM001

Term 3 years
Initial Rate1 Currently 3.05%
Overall Cost For Comparison2 4.9% APRC
MAX LTV3 100%
Early Repayment Charge 3%
Product Fees £199 application fee, no completion fee

A mortgage of £178,000 payable over 29 years initially on a variable rate, currently 3.05% for 3 years and then on our current standard variable rate of 5.35% for the remaining 26 years would require 35 monthly payments of £772.62 and 312 monthly payments of £987.91 plus one initial interest payment of £459.83.

The total amount payable would be £336,622.45 made up of the loan amount, plus interest and fee(s) totalling £158,622.45. This includes Application Fee (£199), Valuation Fee (£194), Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£125).

The overall cost for comparison is 4.9% APRC representative.

3 Year Fixed Rate – DIX218

Term 3 years
Initial Rate1 3.49%
Overall Cost For Comparison2 5.0% APRC
MAX LTV3 80%
Early Repayment Charge 3%
Product Fees £199 application fee, £499 completion fee

A mortgage of £224,000 payable over 28 years initially on a fixed rate of 3.49% for 3 years and then on our current standard variable rate of 5.35% for the remaining 25 years would require 35 monthly payments of £1,047.36 and 300 monthly payments of £1,267.30 plus one initial interest payment of £662.15.

The total amount payable would be £418,612.75 made up of the loan amount, plus interest and fee(s) totalling £194,612.75. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£499) and Redemption Administration Fee (£125).

The overall cost for comparison is 5.0% APRC representative.

Help to Buy Equity Loan Scheme 3 Year Discounted Rate – SEOD08

Term 3 years
Initial Rate1 Currently 2.75%
Overall Cost For Comparison2 4.9% APRC
MAX LTV3 75%
Early Repayment Charge 3%
Product Fees £199 application fee, £800 completion fee

A mortgage of £297,496 payable over 35 years initially on a variable rate, currently 2.75% for 3 years and then on our current standard variable rate of 5.35% for the remaining 32 years would require 35 monthly payments of £1,105.38 and 384 monthly payments of £1,535.76 plus one initial interest payment of £692.94.

The total amount payable would be £630,959.08 made up of the loan amount, plus interest and fee(s) totalling £333,463.08. This includes Application Fee (£199), Valuation Fee (£347), Legal Fees (£350), Chaps Fee (£25), Completion Fee (£800) and Redemption Administration Fee (£125).

The overall cost for comparison is 4.9% APRC representative.

2 Year Fixed Rate – DIX220

Term 2 years
Initial Rate1 2.49%
Overall Cost For Comparison2 5.1% APRC
MAX LTV3 80%
Early Repayment Charge 2%
Product Fees £199 application fee, £999 completion fee

A mortgage of £92,419.00 payable over 25 years initially on a fixed rate of 2.49% for 2 years and then on our current standard variable rate of 5.35% for the remaining 23 years would require 23 monthly payments of £415.14 and 276 monthly payments of £549.57 plus one initial interest payment of £194.91.

The total amount payable would be £163,027.45 made up of the loan amount, plus interest and fee(s) totalling £70,608.45.  This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£999) and Redemption Administration Fee (£125).

The overall cost for comparison is 5.1% APRC representative.

3 Year Discounted Rate – DID144

Term 3 years
Initial Rate1 Currently 1.99%
Overall Cost For Comparison2 4.4% APRC
MAX LTV3 80%
Early Repayment Charge 3%
Product Fees £199 application fee, £300 completion fee

A mortgage of £291,000.00 payable over 19 years initially on a variable rate, currently 1.99% for 3 years and then on our current standard variable rate of 5.35% for the remaining 16 years would require 35 monthly payments of £1,539.38 and 192 monthly payments of £1,963.44 plus one initial interest payment of £490.49.

The total amount payable would be £432,253.27 made up of the loan amount, plus interest and fee(s) totalling £141,253.27.  This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25). Completion Fee (£300) and Redemption Administration Fee (£125).

The overall cost for comparison is 4.4% APRC representative.

1. Initial Rate

The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will revert to our Standard Variable Rate (SVR). Our SVR is set by us and is currently 5.35%, as a variable rate it may go up or down.

2. Overall Cost for Comparison

The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.

3. Max LTV

Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage. Shared Ownership mortgages will offer two percentages under LTV - the proportion of the property value and the proportion of the share being purchased.

Your home may be repossessed if you do not keep up repayments on your mortgage

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