Mansfield Building Society has announced new changes to its buy-to-let (BTL) mortgage range with four new products launched and a reduction to rates.
The move standardises rates across all three areas of BTL with the lender.
Mansfield confirmed the new products will accept applications for standard, consumer and limited company BTL with a personal guarantee. They are available up to 75% LTV and offer a two or three-year term on an initial fixed or discounted rate and include a three-year discount at 2.29%.
The society’s existing specialist product range for family BTL, expat BTL, holiday let and limited company BTL without a personal guarantee remain available, the Mansfield added.
Intermediary sales manager at the society, Tom Molloy, said the latest updates demonstrated the Mansfield’s commitment to offer flexible lending.
“As a lender with an individual underwriting approach, we embrace diverse circumstances as much as possible,” said Molloy. “We have become increasingly used to certain lending types, and can therefore be more accommodating in how we price limited company with a personal guarantee, consumer and standard BTL lending.
“This particularly means that our lending for SPV limited companies has become more competitive and we’re keen to grow our business and reputation in this area. For brokers with these types of BTL clients, our individual approach can make a real difference in enabling them get on with their property plans, whether it’s a standalone new venture, expanding or even upgrading an existing portfolio.”
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