The Mansfield amends BTL criteria

The move standardises rates across all three areas of BTL with the lender.

The Mansfield amends BTL criteria

Mansfield Building Society has reduced the rates and simplified its buy-to-let (BTL) mortgage range with four new products, all accepting applications for standard, consumer and limited company BTL with a personal guarantee.

The move by Mansfield standardises rates across all three areas of BTL with the lender.

The new products are available up to 75% loan-to-value (LTV offer) a 2- or 3-year term on an initial fixed or discounted rate and include a 3-year discount at 2.29% variable deal.

Tom Molloy, intermediary sales manager at Mansfield Building Society, said: “As a lender with an individual underwriting approach, we embrace diverse circumstances as much as possible.

"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 buy to let 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.”