Mansfield Launches 5 Year Fixed Buy to Let at 3.29%
11 August 2016
Mansfield Building Society has launched a 5 Year Fixed Rate Buy to Let mortgage at 3.29%. The product is targeted at small independent landlords that want to lock down their mortgage commitment over an extended period, alleviating some of the uncertainty whilst Britain negotiates its exit from the European Union.
The product is available for purchase and remortgage, and can also be used for Consumer Buy to Let. Key features of the mortgage include:
• Up to 70% loan to value
• Fixed Rate 3.29% for the first five years
• Free basic valuation
• Application fee £199, Completion fee £1,800
• Early Repayment Charge 3% for five years
The product is an addition to the Society’s existing Buy to Let portfolio with lending available up to age 85 at the end of the mortgage term. Rental income is assessed at 130% of the monthly mortgage interest calculated at 5%.
National Development Manager, Steve Walton, commented that although there is a growing demand for limited company Buy to Let, the Society’s support to small independent landlords remains a focus at this time.
“Buy to Let landlords have had a tough time in 2016 so far. Whilst we can’t do anything about the increase in taxation or the regulatory burden, we can do our bit for them by providing greater certainty through this period of unprecedented change.
Since the EU referendum results, there has been plenty of speculation about potential fluctuations in the bank base rate, which is unsurprising given that Article 50 expected to take up to 2 years to be fully invoked. During this time landlords will want reassurance of a fixed outgoing to help manage their income and expenditure”.
