Mansfield Building Society has launched two new buy-to-let products up to 75% LTV, including a product exclusively available for SPV limited companies.
The new two-year discounted rate product for limited companies is available for loans of between £100k and £500k. The current variable pay rate of 4.74% (3.70% below SVR) comes with a £199 application fee and 2.5% completion fee.
Tom Denman-Molloy, the Mansfield’s intermediary sales manager, said the Society was delighted to be returning to limited company buy-to-let and that the product pricing was designed to help landlords with affordability in the current interest rate environment:
He added: “We’re really excited to be able to offer limited company landlords our flexible approach to mortgages once again and we think our new product can help landlords facing interest rate rises.
“By offering a percentage completion fee, we’ve been able to keep our initial rate down to help support a more favourable stress rate on the affordability assessment through the Interest Rate Coverage Ratio.
“We know that ICR is one of the biggest challenges that landlords face at the moment and these new products should help with that burden.”
In addition to the limited company buy-to-let mortgage is a Standard and Consumer buy-to-let product for private landlords with the same LTV and fee structure offering an initial rate of 4.54% variable.
