Mansfield unveils no-ERC deal

The Mansfield has launched a mortgage with no early repayment charge. The two-year discounted mortgage, available to customers in England and Wales, will be one of the few available that does not incur a charge if the customer wishes to repay the mortgage during the first two years of borrowing.

The company says this could lead to substantial savings for customers.

On a 150,000 mortgage, the absence of an ERC – usually 3% of the agreed advance – could equate to a saving of 4,500.