It also raises maximum LTV and loan size
Mansfield Building Society has expanded its holiday let range by adding lending to limited companies and expats.
In addition to expanding its holiday let borrower types, Mansfield is also increasing the maximum LTV from 70% to 75% for holiday lets, and its maximum loan size to £1 million for buy-to-lets.
The new holiday let mortgages available to both individual landlords and SPV limited companies are competitively positioned with a two-year discounted rate at 3.59% variable and a five-year fixed rate at 4.09%.
Expats needing a holiday let mortgage will also be able to access a two-year discount at 4.19% variable and a five-year fixed at 4.69%.
Affordability for all holiday let lending with Mansfield will continue to be flexibly assessed on a proportion of an annual average of low, mid and high season rental income, including consideration given to top slicing.
Tom Denman-Molloy, intermediary sales manager at Mansfield, said the building society was looking forward to offering ever more versatile solutions for buy-to-let landlords in the year ahead.
“We’re really excited to be bringing these changes to the holiday let sector because we’re committed to making a real difference to brokers and their clients,” Denman-Molloy added.
“By expanding our holiday let lending into these underserved segments and extending our loan sizes and LTVs for all holiday lets, we can give real opportunities for brokers that need to find versatile and open-minded solutions to clients with ever evolving mortgage needs.”
