The Mansfield launches ExPat Buy to Let mortgage
18 June 2018
Mansfield Building Society has launched an ExPat Buy to Let mortgage initially available through selected brokers, including deVere Mortgages, John Charcol, Coreco, Large Mortgage Loans and Alexander Hall.
The ExPat Buy to Let mortgage is the latest addition to The Mansfield’s buy to let range that already includes FCA Regulated ‘Family’ Buy to Let, Consumer Buy to Let, and the ability for applicants to use earned income to make up rental shortfalls (Top Slicing).
Key product features include:
- Up to 70% LTV
- 2 year Discounted Variable Rate with a current payable rate of 2.79% (2.80% below SVR )
- Interest Coverage Ratio 125% at 5.5%
- £199 Application Fee, Completion Fee 1.25%
- Minimum loan size £100k
- Maximum loan size £500k
- New build houses acceptable
- Available for purchase and remortgage on properties across England and Wales
David Newby, Mortgage Executive at The Mansfield said that the launch of its ExPat Buy to Let proposition showcases the Society’s nimble approach and ability to move into new markets:
“With a much greater emphasis already placed on assessing the financial stability of Buy to Let landlords, we have been able to leverage our existing underwriting expertise and expand our already extensive proposition seamlessly.
We’ve worked with our broker partners to establish our proposition and are delighted to be offering them more choice to help them find solutions in an increasingly complex mortgage market.”
