The Mansfield’s Holiday Let is back after a short break!
Mansfield Building Society has reintroduced its holiday let mortgage product after a short break, re-entering the market with a 3 year discounted rate product to 70% LTV.
The Society, which prides itself on its individual underwriting approach, offers flexible criteria for holiday let landlords, including those with unusual property types, as well as those wishing to use earned income or personal wealth to support affordability. The holiday let product is available with the following features:
- 3 year discounted variable pay rate 3.05% (2.30% below SVR)
- £199 application fee
- £1,800 completion fee
- 3% ERC during the discounted period
National Development Manager, Paul Lewis, said that he was delighted that the Society was back in the holiday let market again and looking forward to helping landlords benefit from the surge in demand for UK holidays as Brits are likely to opt for a staycation rather than a vacation:
“As a lender that supports the buy to let sector with an extensive range of mainstream and niche products, we’re pleased to add holiday lets back into our range which also includes Expat, Family and Ltd Company Buy to Let.
We’re really keen to ensure that we help brokers as much as we can as the mortgage market begins to recover and lockdown measures begin to ease because it’s brokers who have the expertise to maximise the potential for borrowers.
The stamp duty concessions, introduced by the Chancellor, until 31 March next year provide an added incentive for landlords to act sooner rather than later. With initiatives like these I’m sure brokers and their clients will look to take advantage of the favourable terms and secure future investment whilst the opportunity exists.”
Published: 27 July 2020