The behavior of Mn overlayers on Fe(0 0 1) under the influence of external magnetic fields is investigated. The electronic charge distribution, local magnetic moments as well as their couplings are determined as a function of the external field by solving self-consistently a tight binding Hamiltonian, parameterized to ab initio TBLMTO calculations. Our method allows to trace back the field-dependent average magnetization of the system to its electronic structure and magnetic configuration. We show how in the non-collinear framework the response of the system is markedly different to what is found in the collinear framework. If metastable magnetic configurations exist, the external field can be used for tuning the system between some of them because the system stays in some of those metastable states even after switching off the external field.