New BTL range launches at Mansfield BS

New BTL range launches at Mansfield BS
For landlords wanting the security of our five-year fixed rate, we’ve maintained our lower rental cover calculation, recognising the stability that long term fixed rates currently provide to property investors

Mansfield Building Society has announced this morning that it has launched a new BTL product range that will be up to 75% loan to value.

According to the lender, the new range will include three and five year fixed rates as well as two and three year discounted rate products.

For house purchase and remortgage with additional borrowing, rental income must now be at least 145% of monthly mortgage interest calculated at 5.5% with the exception of the five-year fixed rate product, which requires rental income to be at least 130% of the monthly mortgage interest calculated at 5%.

The Society’s existing FCA regulated Family buy-to-let product and its Consumer buy-to-let mortgages remain available up to 70% LTV. Rental income requirements for these mortgages remain unchanged at a minimum 130% of the monthly mortgage interest calculated at 5%. The Society will also use this rental income calculation in all instances where remortgages have no additional borrowing.

National Development Manager, Steve Walton, said that meeting the new regulatory standards was the catalyst for the Society to review and improve its overall buy to let proposition.


Steve said: “Responding to the latest PRA requirements does not necessarily mean that lenders cannot continue to offer flexibility and choice. We wanted to make sure that we have the right criteria and products available for our broad buy to let customer base. By raising our maximum loan to value to 75%, brokers and their clients will benefit from increased product availability.

For landlords wanting the security of our five-year fixed rate, we’ve maintained our lower rental cover calculation, recognising the stability that long term fixed rates currently provide to property investors. We’re also pleased to be retaining our FCA regulated Family buy-to-let on the lower rental income requirement.

We believe that brokers will welcome these changes and our commonsense and pragmatic approach to the new regime.”

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brandonlee10
brandonlee10 24 Jul 2017

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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Jo Mullett
Jo Mullett 07 Jul 2017

Here in Swansea, known as the Japanese knotweed capital of the UK, it never fails to amazes me that people have no idea of the potential problems this invasive non-native plant can cause when buying or...

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NathanG
NathanG 05 Jul 2017

McDonalds, for example, have been purchasing their real estate on prime locations for years. If something happens to the company they'll have invaluable assets that will be able to save them. We might

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Jonah
Jonah 04 Jul 2017

Graham: surprised to see you cite the "extra tax liability" as capping out at ?560. It doesn't - the extra tax is exponential, as it is levied on the income (i.e the inflating level of rental income you...

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Dianne Griffen
Dianne Griffen 29 Jun 2017

Be very wary of anyone bringing you deals that they have ?found? and want to ?sell on to you? or ?joint venture? with you on ? you need a proper legal contract for this, involve a RICs surveyor to confirm...

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SecomTech
SecomTech 22 Jun 2017

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