The Mansfield Building Society has unveiled a five-year fixed rate buy-to-let mortgage at 3.29%.
It is available up to 70% LTV for purchase and remortgage, and can also be used for Consumer Buy to Let.
The Mansfield said its product is targeted at small independent landlords that want to lock down their mortgage commitment over an extended period, “alleviating some of the uncertainty whilst Britain negotiates its exit from the European Union”.
It comes with a free basic valuation, application fee of £199 and completion fee of £1,800.
There is an Early Repayment Charge of 3% for five years.
The product is an addition to the Mansfield’s current buy-to-let offering with lending available up to age 85 at the end of the mortgage term. Rental income is assessed at 130% of the monthly mortgage interest calculated at 5%.
Steve Walton, the Mansfield’s national development manager, said: “Buy-to-let landlords have had a tough time in 2016 so far. Whilst we can’t do anything about the increase in taxation or the regulatory burden, we can do our bit for them by providing greater certainty through this period of unprecedented change.
“Since the EU referendum results, there has been plenty of speculation about potential fluctuations in the bank base rate, which is unsurprising given that Article 50 expected to take up to two years to be fully invoked. During this time landlords will want reassurance of a fixed outgoing to help manage their income and expenditure.”
