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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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5 Year Fixed Rate – House Purchase Only – DIX231

Term 5 years
Initial Rate1 3.49%
Overall Cost For Comparison2 4.9% APRC
MAX LTV3 95%
Early Repayment Charge 3%
Product Fees £199 application fee, £300 completion fee

A mortgage of £95,950.00 payable over 35 years initially on a fixed rate of 3.49% for 5 years and then on our current standard variable rate of 5.35% for the remaining 30 years would require 59 monthly payments of £396.48 and 360 monthly payments of £493.68; plus one initial interest payment of £275.23.

The total amount payable would be £202,296.35 made up of the loan amount, plus interest and fee(s) totalling £106,346.35.  This includes Application Fee (£199), Chaps Fee (£25), Legal Fees (£255), Completion Fee (£300) and Redemption Administration Fee (£125).

The overall cost for comparison is 4.9% APRC representative.

2 Year Discounted Rate House Purchase Only – DID155

Term 2 years
Initial Rate1 Currently 2.99%
Overall Cost For Comparison2 5.2% APRC
MAX LTV3 over 90% and up to 95%
Early Repayment Charge 2%
Product Fees £199 application fee, £300 completion fee

A mortgage of £142,500.00 payable over 35 years initially on a variable rate, currently 2.99% for 2 years and then on our current standard variable rate of 5.35% for the remaining 33 years would require 23 monthly payments of £548.36 and 396 monthly payments of £742.50; plus one initial interest payment of £350.20

The total amount payable would be £307,896.48 made up of the loan amount, plus interest and fee(s) totalling £165,396.48.  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 5.2% APRC representative.

2 Year Fixed Rate – House Purchase Only – DIX230

Term 2 years
Initial Rate1 3.49%
Overall Cost For Comparison2 5.2% APRC
MAX LTV3 Over 90% and up to 95%
Early Repayment Charge 2%
Product Fees £199 application fee, £300 completion fee

A mortgage of £237,500.00 payable over 35 years initially on a fixed rate of 3.49% for 2 years and then on our current standard variable rate of 5.35% for the remaining 33 years would require 23 monthly payments of £981.39 and 396 monthly payments of £1,241.35; plus one initial interest payment of £681.27

The total amount payable would be £515,731.84 made up of the loan amount, plus interest and fee(s) totalling £278,231.84.  This includes Application Fee (£199), Chaps Fee (£25), Legal Fees (£255), Completion Fee (£300) and Redemption Administration Fee (£125).

The overall cost for comparison is 5.2% APRC representative.

2 Year Fixed Rate House Purchase Only – DIX229

Term 2 years
Initial Rate1 2.69%
Overall Cost For Comparison2 5.1% APRC
MAX LTV3 over 80% and up to 90%
Early Repayment Charge 2%
Product Fees £199 application fee, £800 completion fee

A mortgage of £310,250.00 payable over 30 years initially on a fixed rate of 2.69% for 2 years and then on our current standard variable rate of 5.35% for the remaining 28 years would require 23 monthly payments of £1,259.01 and 336 monthly payments of £1,706.90; plus one initial interest payment of £685.95

The total amount payable would be £604,565.58 made up of the loan amount, plus interest and fee(s) totalling £294,315.58.  This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£800) and Redemption Administration Fee (£125).

The overall cost for comparison is 5.1% APRC representative.

2 Year Discounted Rate House Purchase Only – DID154

Term 2 years
Initial Rate1 Currently 2.39%
Overall Cost For Comparison2 5.1% APRC
MAX LTV3 over 80% and up to 90%
Early Repayment Charge 2%
Product Fees £199 application fee, £300 completion fee

A mortgage of £135,000.00 payable over 35 years initially on a variable rate, currently 2.39% for 2 years and then on our current standard variable rate of 5.35% for the remaining 33 years would require 23 monthly payments of £475.42 and 396 monthly payments of £700.58; plus one initial interest payment of £265.19

The total amount payable would be £ 289,533.53 made up of the loan amount, plus interest and fee(s) totalling £ 154,533.53.  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 5.1% APRC representative.

2 Year Discounted Rate – DID156

Term 2 years
Initial Rate1 Currently 1.99%
Overall Cost For Comparison2 4.3% APRC
MAX LTV3 75% (70% for loans over £750,000 and under £1m)
Early Repayment Charge 2%
Product Fees £199 application fee, 0.50% completion fee

A mortgage of £900,000.00 payable over 10 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 8 years would require 23 monthly payments of £8,340.05 and 96 monthly payments of £9,487.19; plus one initial interest payment of £1,472.05

The total amount payable would be £1,110,316.44 made up of the loan amount, plus interest and fee(s) totalling £210,316.44.  This includes Application Fee (£199), Chaps Fee (£25), Completion Fee (£4,500), Redemption Administration Fee (£125), Legal Fees (£255.00) and Valuation Fee (£1,149.00).

The overall cost for comparison is 4.3% APRC representative.

2 Year Discounted Rate – DID152

Term 2 years
Initial Rate1 Currently 1.89%
Overall Cost For Comparison2 4.9% APRC
MAX LTV3 80%
Early Repayment Charge 2%
Product Fees £199 application fee, £300 completion fee

A mortgage of £180,000.00 payable over 25 years initially on a variable rate, currently 1.89% 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 £755.31 and 276 monthly payments of £1,065.39; plus one initial interest payment of £279.62

The total amount payable would be £312,603.39 made up of the loan amount, plus interest and fee(s) totalling £132,603.39.  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 4.9% 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 £101,000.00 payable over 35 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 30 years would require 59 monthly payments of £441.06 and 360 monthly payments of £522.84 plus one initial interest payment of £322.92.

The total amount payable would be £215,435.86 made up of the loan amount, plus interest and fee(s) totalling £114,435.86. This includes Application Fee (£199), Chaps Fee (£25), Legal Fees (£350), Valuation Fee (£169) 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 4.8% APRC
MAX LTV3 100%
Early Repayment Charge 3%
Product Fees £199 application fee, no completion fee

A mortgage of £110,000.00 payable over 18 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 15 years would require 35 monthly payments of £664.72 and 180 monthly payments of £776.22 plus one initial interest payment of £275.75.

The total amount payable would be £164,128.55 made up of the loan amount, plus interest and fee(s) totalling £54,128.55. This includes Application Fee (£199), Legal Fees (£350), Valuation Fee (£169), Chaps Fee (£25) and Redemption Administration Fee (£125).

The overall cost for comparison is 4.8% 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 £273,750.00 payable over 34 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 31 years would require 35 monthly payments of £1,035.06 and 372 monthly payments of £1,427.18 plus one initial interest payment of £618.75.

The total amount payable would be £569,602.81 made up of the loan amount, plus interest and fee(s) totalling £295,852.81. 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 – DIX228

Term 2 years
Initial Rate1 2.39%
Overall Cost For Comparison2 5.1% APRC
MAX LTV3 80%
Early Repayment Charge 2%
Product Fees £199 application fee, £800 completion fee

A mortgage of £160,000.00 payable over 40 years initially on a fixed rate of 2.39% for 2 years and then on our current standard variable rate of 5.35% for the remaining 38 years would require 23 monthly payments of £518.63 and 456 monthly payments of £797.26; plus one initial interest payment of £314.30

The total amount payable would be £377,197.35 made up of the loan amount, plus interest and fee(s) totalling £217,197.35.  This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£800) 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 4.7% APRC
MAX LTV3 80%
Early Repayment Charge 3%
Product Fees £199 application fee, £300 completion fee

A mortgage of £263,996.00 payable over 30 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 27 years would require 35 monthly payments of £976.45 and 324 monthly payments of £1,428.63 plus one initial interest payment of £431.80.

The total amount payable would be £498,387.67 made up of the loan amount, plus interest and fee(s) totalling £234,391.67. 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 4.7% APRC representative.

Definitions

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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