Mansfield Building Society will introduce a five-year fixed rate buy-to-let (BTL) product with a reduced stress rate which will give landlords increased flexibility and stability in payments.
The product will have a pay rate of 3.39 per cent, which compares to the standard stress rate of 5 to 5.5 per cent.
This will allow landlords with lower rental yields to satisfy the mutual’s affordability assessment and gives them stable repayments. It will also allow landlords to borrow more and potentially buy higher value properties.
Andy Alvarez (pictured), head of mortgage sales at Mansfield Building Society, said: “By reducing the stress rate on our five-year fixed rate product, we are able to support those landlords who have maintained their mortgage repayments throughout the pandemic but have seen a reduction in rental income by offering full or partial rent reductions to their tenants.”
He added: “We also wanted to make it easier for those wanting to take the first step into becoming a landlord and help those looking to grow their existing portfolio – landlords with up to 15 properties are also eligible for this product.”
Alvarez said he expected the product to be popular and would appeal to new and existing landlords.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
