The Mansfield puts Buy to Let back on top of the menu
21 October 2015
The Mansfield Building Society has relaunched its range of Buy to Let mortgages into the intermediary market.
The Society, which has enjoyed a strong start to 2015, saw £34 million of mortgage completions in the first half of the year against £22 million written in the same period 12 months prior. The success of its new lending has helped The Mansfield achieve a 4% growth in its net mortgage assets at the half year.
Products now available to intermediaries across England and Wales include:-
Purchase only:-
- 2.65% discounted rate for 2 years (2.94% below SVR)
- Free basic valuation
- Application fee £199 and completion fee £999
Remortgage only:-
- 2.65% discounted rate for 2 years (2.94% below SVR)
- Free basic valuation and free legal fees
- Application fee £199 and completion fee £1,300
Purchase or Remortgage:-
- 3.49% fixed rate for 2 years
- Basic valuation fee payable by applicant(s)
- Application fee £199 and completion fee £999
- 3.69% discounted rate for 3 years (1.90% below SVR)
- Basic valuation fee payable by applicant(s)
- Application fee £199 and completion fee £800
According to Stuart Bryce, Business Development Manager at the Mansfield Building Society, there remains a definite need for more mortgage options for Buy to Let landlords with a portfolio of 10 properties or less.
He said, “With tax relief being reduced following the Chancellor’s Budget this year and Buy to Let a source of supplementary retirement income for some, the Buy to Let sector needs lenders like The Mansfield to offer alternative solutions.”
He added, “We feel we have the expertise and specialist knowledge built up over the years to help brokers with their Buy to Let enquiries for both purchase and remortgage.”
