Mansfield BS announce new buy-to-let affordability changes

Mansfield BS announce new buy-to-let affordability changes

Mansfield Building Society has announced that it has launched a new buy-to-let mortgage that allows a landlord’s personal income to be taken into consideration alongside the Interest Coverage Ratio when assessing affordability.

The new product follows changes introduced by the Society when assessing assets and liabilities in response to the latest PRA guidelines. To qualify, landlords must have a minimum rental income of 100% of the monthly mortgage payment calculated at the product pay rate, currently 3.99%.

The new product is available for purchase and remortgage, including capital raising, up to 80% LTV inclusive of fees.


It offers a three-year discounted pay rate at 3.99% and comes with a £199 application fee and £1,800 completion fee.

The new product will be available to all brokers on a limited tranche.

Mike Taylor, Head of Products and Savings, said: “We’re delighted to be supporting the buy-to-let sector with this latest product addition. Not only can our individual approach more easily adapt to the latest regulatory changes, we can take into consideration the broader circumstances of a buy-to-let landlord.

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. If there’s firm evidence of sustainable personal income in the background then we will take a common sense view on affordability. As the buy-to-let sector continues to evolve, we believe brokers will welcome our pragmatic response.

This latest product development to our buy-to-let range continues to demonstrate that The Mansfield is a flexible lender determined to support underserved areas of the mortgage market.”

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Latest Comments

Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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