The society has also updated its rental calculation so that rental income is based on 130% of a notional rate of 5%.
The main features of the 2-year buy-to-let products include a 2.99% payment rate, based on a 2.6% discount from the current SVR for 2 years, a maximum 70% LTV and a maximum loan size of £300,000 for a single property and £500,000 with multiple applications.
Mike Taylor, sales and marketing manager at the Mansfield, said: “We have kept a close eye on developments in this important business channel and have responded with purchase and remortgage products offering great value to landlords.
“On the remortgage side we are offering a free valuation and legal fees package, which not only simplifies the process but also reduces the costs of the transaction, particularly for landlords with multiple properties.
“On top of that we are making it easier for advisers to calculate rental income support with our new rental calculator.
“The fact that we are passionate believers in the value of individual underwriting by highly experienced specialists has not been lost in the buy-to-let sector.”
