New Specialist Buy to Let from The Mansfield
04 November 2015
The Mansfield Building Society, which relaunched its BTL product range back into the intermediary market in October, has added a specialist product available for regulated activity, light refurbishment and Ex-Pat BTL landlords.
The new 3 year discounted product will be particularly welcome to brokers who have little product choice in these specialist markets.
Key features include:
- 3 year discount of 1.1% below SVR - currently 4.49%
- Max LTV 70% for regulated and light refurbishment BTL
- Max 65% for Ex-Pats (Ex-Pat clients must complete before Feb 2016)
- Rental income at 130% with interest calculated at 5%
- Max age at end of term 85
- Application Fee £199
- Completion fee £1,300 (can be added to the loan)
- Min £50,000, Max £300,000
Commenting on the new product, 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, BTL 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.”
