Borrowers and brokers in the holiday let sector will have significantly increased choice as The Mansfield has now added lending to limited companies and Expats to its popular holiday let offer.

In addition to expanding its holiday let borrower types, The Mansfield is also increasing the maximum LTV from 70% to 75% for holiday lets and its maximum loan size to £1million for buy to lets.

The new holiday let mortgages available to both individual landlords and SPV limited companies are competitively positioned with a 2 year discounted rate at 3.59% variable and 5 year fixed rate at 4.09%.

Expats needing a holiday let mortgage will also be able to access a 2 year discount at 4.19% variable and a 5 year fixed at 4.69%.

Affordability for all holiday let lending with Mansfield will continue to be flexibly assessed on a proportion of an annual average of Low, Mid and High season rental income, including consideration given to Top Slicing.

Intermediary sales manager, Tom Denman-Molloy, said the Society was looking forward to offering ever more versatile solutions for buy to let landlords in the year ahead:

“We’re really excited to be bringing these changes to the holiday let sector because we’re committed to making a real difference to brokers and their clients.

By expanding our holiday let lending into these underserved segments and extending our loan sizes and LTVs for all holiday lets, we can give real opportunities for brokers that need to find versatile and open-minded solutions to clients with ever evolving mortgage needs.”

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Notes to Editors:

Mansfield Building Society can trace its history back for 150 years and celebrated its 150th anniversary in 2020. It formed as a mutual and still works for the exclusive benefit of its members. As a mutual, there are no shareholders and therefore no dividends to pay.

Mansfield Building Society offers a range of residential and Buy to Let products. All mortgages are individually underwritten without the use of automated credit scoring systems. Each application is assessed on its own merits by people and the Society is committed to developing a personal service and relationship with its brokers and customers.

As well as residential purchase mortgages to 95% loan to value and remortgages to 90% loan to value, the Society’s individual underwriting is able to account for niche lending needs. These include support for First Time Buyers (eg family gifted deposits, Right to Buy and mortgages for up to 4 applicants), lending into retirement, Shared Ownership, property improvement, interest only, Let to Buy and Regulated Buy to Let mortgages.

The Mansfield has a dedicated Intermediary Sales Support team available 5 days a week, Mon to Fri 9.00am* – 5.00pm (*Weds from 10am). Brokers can call 01623 676360 or email brokers@mansfieldbs.co.uk to make enquiries.

The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.