The Mansfield Building Society has launched new two-year discounted buy-to-let products for purchase and remortgage.
It has also updated its rental calculation, with rental income now based on 130 per cent of a notional mortgage rate of 5 per cent.
Main features of the two-year buy-to-let products include:
- 2.99 per cent payment rate, based on a 2.6 per cent discount from the current standard variable rate for two years
- Maximum 70 per cent LTV
- Free valuation on remortgage
- Free legal fees (nominated solicitor) on remortgage
- Minimum loan size £50,000
- Maximum loan size £300,000 (single property) or £500,000 with multiple applications
The Mansfield’s sales and marketing manager Mike Taylor says the buy-to-let market is an important sector for the society.
“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.”
