Mortgage News
Mansfield BS adds limited companies and expats to holiday let
Mansfield Building Society will accept limited companies and expat borrowers in its holiday offering to give brokers and customers increased choice.
Individual landlords and special purpose vehicle companies can now access a two-year discounted rate at 3.59 per cent variable and a five-year fixed rate at 4.09 per cent.
Expat borrowers can access a two-year discount rate at 4.19 per cent variable and a five-year fixed rate at 4.69 per cent.
The mutual has also upped the maximum loan to value (LTV) for its holiday let products to 75 per cent, up from 70 per cent before.
The maximum loan size for buy-to-let has also been increased to £1m.
Holiday let affordability will be assessed on the proportion of the annual average of low, mid and high season rental income. Affordability will also include top slicing.
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Mansfield Building Society’s intermediary sales manager, Tom Denman-Molloy, said that the mutual was looking forward to offering more diverse solutions to landlords in the year ahead.
He added: “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.
“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.”