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New mortgage deal for BTL landlords at the Mansfield
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Mansfield Building Society has moved to launch a new five-year fixed rate buy-to-let mortgage product. This product will be set at 3.29% and will is aimed to attract smaller landlords to alleviate some of the Brexit uncertainty.
Buy-to-let
The product is available for both purchase and remortgage and can be used for Consumer Buy to Let.
Some key features of this new mortgage are:
- up to 70% LTV
- a fixed rate of 3.29% for the first five years
- free basic valuation
- an application fee of £199
- completion fee of £1,800
- repayment charge of 3% for the first five years
This product has been launched in addition to the Mansfield’s existing buy-to-let portfolio. Lending is available up to the age of 85 at the end of the mortgage term.
Rental income is assessed at 130% of the monthly mortgage interest, which is calculated at 5%.
New mortgage deal for BTL landlords at the Mansfield
Certainty
Steve Walton, National Development Manager at the Society, 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.’[1]
‘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 is expected to take up to 2 years to be fully invoked. During this time landlords will want reassurance of a fixed outgoing to help manage their income and expenditure,’ Walton added.[1]
[1] http://www.propertyreporter.co.uk/finance/mansfield-targets-small-independant-landlords-with-new-5-year-fix.html
