activate universal access mode

This website is for use by authorised intermediaries only. Customers should visit

orange autumn leaves close up orange background

Versatility – 2 Year Fixed Rate – MPXV13

A mortgage available for purchase or remortgage for borrowers with complex characteristics, such as minor credit impairment, unusual income or employment patterns, and unusual property and construction types.

Key Details

Term 2 years
Initial Rate1 6.99%
Overall Cost For Comparison2 7.4% APRC
MAX LTV3 Over 80% and up to 85%
Early Repayment Charge 2% in Year 1, 1% in Year 2
Product Fees £199 application fee, £800 completion fee

Product Fees

  • The £199 Application Fee is non-refundable and payable at the point of application
  • The Completion Fee can be paid before completion or added to the loan. If the Completion Fee is added to the loan amount, interest will be charged on the amount of the fee and this will be reflected in the monthly repayment over the term of the mortgage

A £1,000 Completion Fee added to the loan amount would increase in value over the term of the mortgage and an illustrative example is provided below based on a static rate over a 10, 15 or 25 year term.

Fee Amount
Value of the fee with interest at 10 years
Value of the fee with interest at 15 years
Value of the fee with interest at 25 years
£1,000 7.15% £1,715.00 £2,072.50 £2,787.50


Mortgage calculator


Representative Example

A mortgage of £191,675.00 payable over 30 years initially on a fixed rate of 6.99% for 2 years then on our follow-on rate of a 1.74% discount off our standard variable rate (currently 8.89%) giving a rate of 7.15% variable for the remaining 28 years would require 23 monthly payments of £1,274.98 and 336 monthly payments of £1,295.23; plus one initial interest payment of £1,061.60.

The total amount payable would be £466,987.42 made up of the loan amount, plus interest and fee(s) totalling £275,312.42. 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 7.4% APRC representative.

Mortgage Product Features

  • The Initial Rate is fixed for the first 2 years at 6.99%. At the end of the 2 years, a follow-on rate of 1.74% below our Standard Variable Rate (SVR) will apply for the remainder of the mortgage term, currently 7.15% variable. A minimum interest rate of 3% will apply to the follow-on rate during the remainder of the mortgage term
  • Minimum loan size £100,000
  • Maximum loan size £500,000 house purchase (£400,000 remortgage).
  • Available on properties located in England, Wales & Scotland (postcode restrictions apply in Scotland, see our Important Information for Residential Mortgages for further details)
  • Basic property valuation included
  • Legal fees payable by customer for house purchase
  • Basic legal fees via our nominated solicitor are covered for remortgages in England and Wales only. For remortgages in Scotland, or in England and Wales where a borrower does not choose basic legal fees or is not eligible, we offer a £250 cashback towards legal fees. For more information on legal fees, please see the ‘Are legal fees included?’ section below
  • An Early Repayment Charge of 2% will apply if the mortgage is redeemed at any time during the first year, followed by 1% in the second year. The Early Repayment Charge is a percentage of the balance at the point of redemption. Early Repayment Charges do not apply on our Standard Variable Rate (SVR) or our follow-on rate

Will the interest rate change?

The interest rate is fixed for 2 years and if our Standard Variable Rate (SVR) reduces during this time, you will not benefit from any reductions to your monthly mortgage payments.

When you come to the end of the fixed rate term, we will write to you to offer you another new deal and you can either choose to accept this deal, remortgage to another lender, or should you do nothing, revert onto our follow-on rate at 1.74% below our Standard Variable Rate (SVR). If you revert onto our follow-on rate after the fixed rate term, the interest rate becomes variable and will go up or down when we make changes to our SVR. A minimum interest rate of 3% will apply to the follow-on rate during the remainder of the mortgage term.

Will there be charges if the mortgage is repaid early?

Borrowers can make overpayments between 1 January and 31 December each year during the fixed rate period of up to 10% of the original loan amount without incurring an Early Repayment Charge.

Any lump sum payments or regular overpayments received in a single calendar year, which in total exceed 10% of the original loan amount will incur an Early Repayment Charge on the amount of the excess. The Early Repayment Charge is a percentage fee of the current balance.

Any Early Repayment Charge will be waived if a new consecutive mortgage for at least the amount outstanding at the time of redemption is taken out with us. If a new mortgage for at least the amount outstanding at the time of redemption is taken out with us within 3 months of full repayment then any early repayment charge will be refunded.

Are legal fees included?

Where a product includes a “basic legal fees” package for remortgages (properties in England and Wales only), via our nominated solicitor, the Society will pay the legal fees to the nominated solicitor for a simplified “fast track” process. Under this process the solicitor will be acting on behalf of the Society and not on your behalf. Normal conveyancing checks will not be made as the applicants will already live in or own the property.

If there are any additional legal requirements or costs that are not covered by this “fast track” process then the “basic legal fees” package may not be available and applicants will have to pay additional legal costs, including those incurred on behalf of the Society, to the solicitor.

Examples of these include the requirement for face to face or independent legal advice as a mortgage or product condition, changing names on title deeds, correcting title defects, postponement of charges and additional searches. Please contact us if you require more information on the circumstances where legal fees will not be covered.

How much are valuation fees?

A basic valuation fee is included. If you require a more detailed Homebuyers Report, this will be at an additional charge. You can find out more including the fee scale in our Mortgage Valuation Fees document.

Important Information

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.

How to Apply

Please contact our Intermediary Support team for further details. You can check affordability on our website and submit a DIP request or request an ESIS from our online portal. You can apply either online or through the post.

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


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 either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR.

Our SVR is set by us and is currently 8.89%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR and is currently 7.15% variable. Our follow-on rate will go up or down with changes to our SVR.

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.

Request a callback

Mansfield for Intermediaries

Our intermediaries website is for use by authorised intermediaries only.

Please click on the link below to proceed

Continue to intermediaries site