Compare Mansfield Building Society mortgages
There are various different types of mortgage products offered by Mansfield Building Society and others. When looking at buying property it is a good idea to compare the different kinds of borrowing available so you know which is most appropriate for your situation.
First Time Buyer mortgages
Mansfield Building Society are part of the government’s Help to Buy Scheme in England and Wales. This allows first time buyers to get on the property ladder with only a 5% deposit, with MBS providing a 75% mortgage and the government providing an equity loan for the remaining 20%.
Buy to Let mortgages
You can borrow up to 70% of the value of a property you wish to buy and rent out with Mansfield Building Society. The amount you can borrow will also depend on the market rate for the monthly rental income on the property. This is because MBS require the monthly rent to equal at least 130% of the monthly interest on your mortgage calculated at a rate of 5%.
Remortgaging with Mansfield Building Society
If you think you could get a better deal today on your mortgage than you did when you first took it out, or want to borrow more, remortgaging is worth considering. It can allow you to switch your mortgage to one charging a lower interest rate or borrow more, so you end up with a spare lump sum once your old mortgage is paid off.
Loan to value ratio
There are several factors that will likely influence how much you are able to borrow as a mortgage. Your income is one, but your loan to value (LTV) ratio is also an important consideration. This shows how much the amount you want to borrow is as a percentage of the market value of the property being purchased.
For example, a £50,000 mortgage on a £100,000 property would equate to a LTV of 50%. LTV takes into account all borrowing secured against a property, so if you decided to take out a second secured loan on a property you already have a mortgage on, both will need to be added together to work out the LTV.
Find the best deals on mortgage rates
When looking at mortgage deals, if can be challenging to work out where to find the best value, especially when rates and other features change on a regular basis. Our mortgage calculator takes some of the hard work out of the equation by helping you find a range of great deals for you.
All you have to do it input some basic details, including how much you need to borrow and how long for. The mortgage calculator will then compare this with top deals from across the industry and show you the ones best suited to your needs. That way you can find a great value mortgage without the hassle. Simply head to the top of the page to try it out for yourself.