The Mansfield Building Society is cutting rates on its two and three-year discounted buy-to-let products and permitting their use for other than purchasing or remortgaging.
The initial variable payable rate on the two-year discounted product is being cut by 0.34 per cent, from 3.79 per cent to 3.45 per cent.
The initial variable payable rate on the three-year discounted product is being cut by 0.40 per cent from 3.89 per cent to 3.49 per cent.
From today, the mortgages can also be secured by BTL property owners as long as the loans are being used for property related purposes such as renovation.
Both are subject to a non-refundable application fee of £199 and a completion fee of £800, which is added to the loan.
The Mansfield Building Society chief executive Gev Lynott says: “The Mansfield is committed to providing a range of attractive housing solutions including shared ownership and self-build mortgages. However, a growing proportion of the population find themselves unable to purchase their own home so it is important that we also help the rented sector with buy to let mortgage finance.
“The Mansfield’s buy to let mortgages also enable landlords to extend and improve their property portfolio using the capital raising flexibility we offer with these products.”