The Mansfield Building Society has reduced rates on its holiday let, two-year discounted rate to 95% LTV, and two discounted rates within its Versatility product range.

Its residential two-year discount to 95% LTV has been cut by over 0.5 percentage points, with borrowers now able to choose an initial rate of 2.99% (variable).

Holiday lets have seen a 0.20 percentage point reduction, making the initial pay rate 3.45% variable, while the Versatility mortgages are cut by 0.10% each, reducing the initial rates to 3.99% variable (Versatility 3) and 4.39% variable (Versatility 4).

The range of Versatility mortgages are for circumstances that require more underwriting, such as unusual property types, complex income types (or those with limited employment/self-employed income history), and historic credit blips.

Paul Lewis (pictured), national development manager at the Mansfield, said that by reducing the initial rates, the Society was looking to appeal to a wider population:

He said: “We hope the new pricing will provide an incentive for brokers and their clients to take advantage of our flexible approach to lending. We’re keen to increase the visibility of our well-priced discounted rates for those with circumstances who don’t meet automated scorecard criteria.

“However, we recognise that discounted variable rates aren’t for everyone, so I’m pleased to confirm that our Versatility range also includes fixed rates, providing even greater choice.”