It will now provide business BTL, consumer BTL, expat BTL, and regulated family BTL products to customers in Scotland
Mansfield Building Society has entered the Scottish buy-to-let (BTL) market, offering a range of products to borrowers in Scotland.
The lender will provide its business BTL, consumer BTL, and regulated family BTL products to Scottish customers, with some postcode restrictions on the Scottish islands.
Loan sizes will range from £50,000 to £1 million, with a maximum loan-to-value (LTV) of 75% available across all BTL products. The offering includes expat BTL but excludes special purpose vehicle (SPV) limited company BTL and holiday let lending.
The expansion follows Mansfield’s recent criteria enhancements, which now include flats in properties up to 10 storeys. The society will also consider portfolio landlords with up to 10 BTL mortgages or properties with other lenders.
“Mansfield’s launch into the Scottish BTL market enables us to expand our reach and offering to include Scottish landlords who now have access to our flexible and personal lending solutions,” said Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society.
“Whether it’s our incredibly popular family BTL lending or supporting portfolio landlords with affordability through top slicing, we’re looking to add an extra dimension to BTL in Scotland.”
Aside from buy-to-let mortgage products, Mansfield Building Society also offers a range of residential products. Residential purchase mortgages are available up to 95% loan-to-value (LTV) and remortgages up to 90% LTV.
The lender said its individual underwriting – done without the use of automated credit scoring systems – enables it to account for niche lending needs. These include support for first-time buyers (family gifted deposits, Right to Buy, and mortgages for up to four applicants), lending into retirement, shared ownership, property improvement, interest-only, let to buy and regulated buy-to-let mortgages.
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