| Key Details | |
| 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.
The Help to Buy: Equity Loan Scheme (operated by the Homes and Communities Agency (HCA) or Help to Buy Wales Ltd) is available to qualifying applicants on residential owner-occupied new build property in England or Wales.
The schemes require a 5% deposit from the borrower(s) and offer an equity loan paid for by the Government of up to 20% (up to 40% in London) of the cost of the property. Help to Buy homes are only available from registered house builders and applications must be accompanied by confirmation that applicants are eligible for the Scheme.
From April 2021, the amount you pay for a home depends on where in England you buy it.
Region |
Maximum Property Price |
| North East | £186,100 |
| North West | £224,400 |
| Yorkshire and The Humber | £228,100 |
| East Midlands | £261,900 |
| West Midlands | £255,600 |
| East of England | £407,400 |
| London | £600,000 |
| South East | £437,600 |
| South West | £349,000 |
From April 2021, properties eligible to be sold under the Help to Buy – Wales scheme must not exceed a market valuation of £250,000.
More about the Help to Buy Equity Loan Scheme 2021-23 in England
More about the Help to Buy Equity Loan Scheme 2021-23 in Wales
The Help to Buy: Equity Loan Scheme (operated by the Homes and Communities Agency (HCA) or Help to Buy Wales Ltd) is available to qualifying applicants on residential owner-occupied property in England or Wales.
The schemes offer an equity loan paid for by the Government of up to 20% of the cost of the property. Help to Buy homes are only available from registered house builders and applications must be accompanied by confirmation that applicants are eligible for the Scheme.
Unless otherwise stated, our mortgage products are available for house purchase or remortgage. All our mortgage products are subject to availability and can be withdrawn at any time.
All mortgage applications are manually underwritten by our experienced underwriters and are subject to a full assessment against our lending criteria.
It is important that you take time to read and understand the mortgage product features detailed above and the information about our Residential or Buy to Let mortgages detailed in the General Information Guides.
All of the mortgages shown are available direct from us via our qualified sales team, please call on the number above, request a call back, or submit a detailed contact request to find out more.
To get an indication of whether this mortgage is right for you, you can use our repayment calculator to see what the potential monthly repayments might be.
1. 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. 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. 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
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 03/03/2021 09:23:31 pm
Page last updated: 24/02/2021 11:16:25 am
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