The Mansfield Building Society has added a new three-year discounted mortgage product to its range

The direct-only product a discount of 1.75% off the Society’s standard variable rate for the first three years, without an extended early repayment charge, resulting in an initial payable rate of 3.49%.

The scheme is available for house purchase or remortgage up to a maximum loan of £300,000 and 75% LTV

An arrangement fee of £599 will be added to the loan and the cost of a basic valuation fee of up to a maximum of £400 is refunded on completion. Legal fees on remortgages only will be paid by the Society via nominated solicitors or a £250 contribution will be paid towards legal fees for remortgage borrowers using their own solicitor.

Product manager Peter Doherty, said: “We are committed to giving existing and new customers a good value deal on their mortgage