The Mansfield Building Society has added a specialist product available for regulated activity, light refurbishment and ex-pat buy-to-let landlords.
Features include:
- 3 year discount of 1.1% below SVR – currently 4.49%
- Maximum LTV 70% for regulated and light refurbishment buy-to-let
- Maximum 65% for ex-pats (Ex-pat clients must complete before Feb 2016)
- Rental income at 130% with interest calculated at 5%
- Maximum age at end of term of 85
- Application Fee of £199
- Completion fee of £1,300 (can be added to the loan)
- Minimum amount £50,000, maximum £300,000
The Mansfield relaunched its buy-to-let product range into the intermediary market in October.
Stuart Bryce, business development manager at The Mansfield, said: “This is a product which has been particularly popular with brokers in the past. As our introducers are aware, we already have an enviable reputation for our individual underwriting expertise. This is another example of identifying and assisting those sectors of the market that can benefit from our fair-minded approach of assessing each client on their own merits.
“Our full mortgage range to intermediaries caters for a broad cross section of borrowers including those with retirement incomes, clients on interest only mortgages, and with this particular product, buy-to-let borrowers with more complex needs. We are confident that our introducers will be delighted to see this commitment to regulated, light refurbishment and ex-pat landlords.”