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New 80% BTL mortgage deal launched by Mansfield BS

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.

Mike Taylor, head of product saving at Mansfield Building Society, said: “With yields on rental properties being squeezed, we have identified that there’s an opportunity to test the market for landlords interested in long term capital appreciation, not just monthly income.”

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