The Mansfield Building Society has launched a remortgage product for loans up to £1 million on a capital repayment or interest only basis.

It is available up to 70% loan to value (LTV) for loans between £750,000 and £1m (75% LTV for loans between £500k and £750k).

The Mansfield takes a flexible approach to lending, which includes property downsizing, lending into retirement and the self-employed.

The new two-year discounted rate product is priced at 2.75% variable (3.00% below SVR) during the initial term with an application fee of £199 and a completion fee of £1,300.

The mortgage comes with a free basic valuation for properties valued up to £1 million and free ‘fast track’ legal fees via the society’s nominated solicitor.

Paul Lewis, the Mansfield’s national development manager, said: “Brokers have come to recognise our flexible and common sense approach. We assess each application on a case-by-case basis and understand how much our brokers appreciate being able to talk to us personally about unusual or quirky aspects of their application before submitting it.

“Whether it’s allowing people to extend their term into retirement, giving them the option to downsize to a smaller property, or considering unusual income for directors, shareholders, sole traders or partners, we’re always looking for ways to help brokers and their client’s access mortgage solutions that are right for them.”