The Mansfield Building Society has launched a two-year fixed rate buy-to-let product, with the rate reduced by 0.5 percentage points to 3.99%.
It is available for employed, self employed and retired applicants with a minimum income of £20,000 and for purchase and remortgage.
The maximum loan amount is £300,000 and available up to 70% LTV. Rental income cover is 130%.
Considering applications where there are up to 10 mortgages outstanding, the products are aimed at landlords with small to mid-sized portfolios.
Mike Taylor (pictured), sales and marketing manager at the Mansfield, said: “As a long time supporter of the buy-to-let market, we can see the strong growth in property values is leading to a healthy lettings market. With the new rate fixed for two years, landlords can take advantage of a great price and our flexible lending.
“I know this product will be welcomed by our professional introducers, who have told us how important this channel is in the property market and I am sure there’ll be a lot of activity in the coming weeks from brokers who can see the value we are offering to their clients.”
