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Mansfield BS increases max loan size to £500,000

Mansfield Building Society has increased its maximum loan size from £300,000 to £500,000 across its buy-to-let mortgage range, subject to the borrower having a maximum of 15 mortgages outstanding with other lenders.

The lender will also allow buy-to-let investors to now borrow up to £1m in total, up from £500,000, after it changed its lending criteria.

Steve Walton, national development manager at Mansfield, commented: “We’re taking these measures to make our individual underwriting proposition more exciting and available to larger portfolio landlords on higher value housing stock.

“Landlords need more choice, especially given the government’s reduction in tax relief and the regulatory change to rental income calculations.

“We believe that these changes will be well received and we’re looking forward to being able to offer brokers and their clients a fresh alternative from a lender with a flexible and pragmatic approach.”

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