The 2.90 per cent discount off the Society’s standard variable rate (currently 5.59 per cent), gives an initial pay rate of 2.69 per cent and is available for loans up to £450,000 at 75 per cent loan to value. The products include a free drive-by valuation and free legals. There is a £199 application fee but no completion fees. It is available on an interest only basis up to 75 per cent loan to value subject to an acceptable repayment vehicle being in place.
Robert McCoy, senior product and communications manager at SBG, commented:
At a time when many lenders are withdrawing or reducing their interest only options for customers this product will fill a gap in the market. The added benefits of a low application fee and free incentives not only enhances the offering, but makes it one of the few currently on the market that could tick all the boxes for customers’ needs. Additionally, The Mansfield individually underwrites all applications and does not credit score applications, which allows its underwriters to take into account each client’s personal circumstances.
Mike Taylor, sales and marketing manager at The Mansfield added:
We are delighted to be working with Sesame and their members on this exclusive product. We offer a personalised service and are well known for our common–sense approach to underwriting. This product matches the needs of those interest only customers who, with an acceptable repayment vehicle in place, still require a competitive remortgage offering.