Mansfield Launches five-year fixed buy-to-let at 3.29%

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Mansfield Building Society has launched a five-year fixed rate buy-to-let mortgage at 3.29 per cent.

The product is aimed at small independent landlords that want to offset Brexit uncertainty.

The product is available for purchase and remortgage, and can also be used for consumer buy-to-let.

The loan is available up to 70 per cent LTV. It has a free basic valuation, a £199 application fee and £1,800 completion fee.

There is an early repayment charge of 3 per cent for five years.

The product is part of the lender’s existing buy-to-let portfolio with lending up to 85 at the end of the mortgage term.

Rental income is assessed at 130 per cent of the monthly mortgage interest calculated at 5 per cent.

Mansfield Building Society national development manager Steve Walton says: “Buy-to-let landlords have had a tough time in 2016 so far. Whilst we can’t do anything about the increase in taxation or the regulatory burden, we can do our bit for them by providing greater certainty through this period of unprecedented change.

“Since the EU referendum results, there has been plenty of speculation about potential fluctuations in the bank base rate, which is unsurprising given that Article 50 expected to take up to two years to be fully invoked.

“During this time landlords will want reassurance of a fixed outgoing to help manage their income and expenditure”.