Mansfield expands Versatility range with new contractor mortgages.

Mansfield Building Society has expanded its Versatility range to include two new fixed rate mortgages for contractors.

The details are:

• 2 year fixed rate at 3.49% plus a completion fee of £800
• 2 year fixed rate at 3.99% plus a completion fee of 1.5% of the amount borrowed

Mansfield’s Versatility range of mortgages also includes loan alternatives for those on zero hours contracts or who those who have limited documentation to prove their income.

The mortgage provider also announced plans to introduce further products during 2018.

Since the rise in the base rate at the beginning of November, the market is seeing an increased level of interest in fixed-rate mortgages. The fixed rate option makes sense as, in an uncertain market, you are protecting your bank balance from further rises that may take place.

Mansfield is not the only lender who has been reviewing their mortgage ranges since the Bank of England’s base rate announcement. However, you would be wrong if you thought that all rates were rising as a result.

Deal Direct’s contractor mortgage experts can point you towards the lenders who have not only introduced new products but those who have adjusted their rates and/or terms and conditions. These adjustments could prove to be beneficial, depending on your borrowing requirements, however, the only way to find out for sure is to discuss your options with one of our advisers.

For contractor mortgage advice, call 0800 048 8828.