Mansfield Building Society has moved to increase its maximum loan size from £300,000 to £500,000 across its buy-to-let mortgage range. This is subject to the borrower having a maximum of 15 mortgages outstanding with alternative lenders.
The Mansfield will also permit buy-to-let investors to borrow up to £1m in total, up from 500,000, after changes to its lending criteria.
Steve Walton, national development manager at Mansfield, observed: ‘We’re taking these measures to make our individual underwriting proposition more exciting and available to larger portfolio landlords on higher value housing stock.’
‘Landlords need more choice, especially given the Government’s reduction in tax relief and the regulatory change to rental income calculations. We believe that these changes will be well received and we’re looking forward to being able to offer brokers and their clients a fresh alternative from a lender with a flexible and pragmatic approach,’ he added.
New mortgage rates announced at the Mansfield and Accord
Meanwhile, Accord Mortgages has launched two new fixed-rate mortgages with no up-front fees. These have been designed to help borrowers manage the original cost of remortgaging.
There is a 65% LTV two-year fix available at 1.66%, while borrowers with a 75% LTV mortgage can secure a five-year fix at 2.24%. Both of these products come with free standard valuation and free legal fees.
What’s more, Accord has cut the rate on its two-year base rate tracker at 65% LTV, by 0.05%, to 1.24%. This allows borrowers more flexibility in leaving their mortgage early without paying any redemption fees.
David Robinson, National Intermediary Sales Manager at Accord, said: ‘It is proving to be a popular time for borrowers to remortgage at the moment, especially those seeking lower loan-to-value deals.’
‘We believe that our new remortgage options will prove popular amongst borrowers and the options across the different terms, plus the additional features, will help brokers to choose the best loan to suit their clients’ requirements,’ he added.