Mansfield Building Society has launched a 5-year fixed rate holiday let mortgage.
Mansfield Building Society has launched a 5-year fixed rate holiday let mortgage.
The product is a 65% LTV 5-year fix at 4.19%%.
It includes a £199 application fee, £1,300 completion fee, a 3% early repayment charge in the first five years and a 0.40% proc fee.
Affordability for the mortgage will be assessed based on a proportion of high, mid and low season income and the interest coverage ratio (ICR) must be at least 125% of monthly mortgage payments at 5.5%.
Andy Alvarez, head of mortgage sales at Mansfield Building Society, said: “We’re delighted to be adding a 5-year fixed rate to our holiday let offer to give more choice for those needing our flexible approach to lending.
“With interest rates so low at the moment, we believe that landlords in this sector will value the opportunity to have fixed outgoings for the next five years.
“There is an ever increasing demand from brokers who are coming to us as a buy to let lender because of our diverse support, which not only includes holiday lets but also regulated family buy to lets, expats and SPV limited companies.
“As well as our underwriting ability to support niche sectors, we’re keen to offer attractive products for those that operate in these areas.”
