The Mansfield Building Society has launched a new mortgage product specifically designed to allow buy-to-let investors to purchase or remortgage a property at up to 80% loan-to-value, subject to a borrowing rate of 3.99%.
The product, which allows for capital raising, will take a landlord’s personal income into consideration alongside the interest coverage ratio when assessing affordability.
To qualify, landlords must have a minimum rental income of 100% of the monthly mortgage payment calculated at the product pay rate, while there is an application fee of £199 and a completion fee of £1,800.
Mike Taylor, head of product saving at Mansfield Building Society, said: “With yields on rental properties being squeezed, we have identified that there’s an opportunity to test the market for landlords interested in long term capital appreciation, not just monthly income.”
Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.
.png)
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment