Mansfield Building Society launches offset mortgage

The Mansfield Building Society has introduced an offset mortgage at Bank of England base rate plus 2.70% for the term of the mortgage.

It is available for both purchases and remortgages at up to 75% LTV and comes with an arrangement fee of £999.

The minimum loan size is £50,000 while the maximum loan size is £300,000.

Free legal fees are available for remortgage customers who use the Mansfield’s solicitors, and the cost of a basic valuation fee is refunded up to a maximum of £400.

Pete Doherty, product manager at the Mansfield, says: “Offset mortgages can be tax efficient, particularly for higher rate taxpayers who would otherwise have to pay the extra tax due on their savings interest.

“This offset mortgage compliments our range of fixed and discounted products.”