The Mansfield Building Society has introduced a new five year fixed rate mortgage product.

The deal has a fixed 5.09% interest rate and is available exclusively direct from the Society on home purchases or re-mortgages up to a maximum loan of £200,000, up to 75% LTV

An arrangement fee of £999 can be added to the loan and a basic valuation fee of up to £400 is refunded on completion. Legal fees on purchases are paid by the Society via nominated solicitors and £250 towards fees is available on re-mortgage applications.

Mansfield Building Society spokesperson, Peter Doherty, said: “In response to an increase in demand for longer fixed term mortgages we have introduced a very competitive five year deal