The Mansfield Building Society has launched a new mortgage product specifically designed to allow buy-to-let investors to purchase or remortgage a property at up to 80% loan-to-value, subject to a borrowing rate of 3.99%.
The product, which allows for capital raising, will take a landlord’s personal income into consideration alongside the interest coverage ratio when assessing affordability.
To qualify, landlords must have a minimum rental income of 100% of the monthly mortgage payment calculated at the product pay rate, while there is an application fee of £199 and a completion fee of £1,800.
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