Its three-year discounted product comes at a rate of 1.1% below the Standard Variable Rate – currently set at 4.49%. The maximum loan-to-value (LTV) for regulated and light refurbishment buy to let is set at 70%, with an LTV available up to 65% for expat clients.
Expat clients must complete the deal before February 2016, the Mansfield said.
Rental income on the product is 130% with interest calculated at 5% and the deal is available to a maximum age of 85 at end of term.
Borrowers can take a maximum loan of £300,000, with the minimum amount set at £50,000. A completion fee of £1,300 applies to the mortgage, the cost of which the Mansfield said can be added to the loan.
Stuart Bryce, business development manager at The Mansfield (pictured), said: “This is a product which has been particularly popular with brokers in the past. This is another example of identifying and assisting those sectors of the market that can benefit from our fair-minded approach of assessing each client on their own merits.
“Our full mortgage range to intermediaries caters for a broad cross section of borrowers including those with retirement incomes, clients on interest only mortgages, and with this particular product, buy-to-let borrowers with more complex needs. We are confident that our introducers will be delighted to see this commitment to regulated, light refurbishment and expat landlords.”
