The new two-year product is available for loans from £100,000 to £500,000
Mansfield Building Society has relaunched two new buy-to-let products up to 75% loan-to-value (LTV), including a product exclusively available for SPV limited companies.
The building society said the new two-year discounted rate product for limited companies was available for loans of between £100,000 and £500,000. The current variable pay rate of 4.74%, which is 3.70% below the standard variable rate, comes with a £199 application fee and a 2.5% completion fee.
Alongside the limited company buy-to-let mortgage is a standard and consumer buy-to-let product for private landlords with the same LTV and fee structure, offering an initial rate of 4.54% variable.
Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, said the mutual was delighted to be returning to the limited company buy-to-let market, and that the product pricing was designed to help landlords with affordability in the current interest rate environment.
“We’re really excited to be able to offer limited company landlords our flexible approach to mortgages once again,” Denman-Molloy remarked. “We think our new product can help landlords facing interest rate rises.
“By offering a percentage completion fee, we’ve been able to keep our initial rate down to help support a more favourable stress rate on the affordability assessment through the interest rate coverage ratio. We know that ICR is one of the biggest challenges that landlords face at the moment, and these new products should help with that burden.”
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