Home Commercial PropertyMansfield BS announce cuts on Holiday Let mortgages

Mansfield BS announce cuts on Holiday Let mortgages

by LLP Reporter
6th Mar 20 12:05 pm

Mansfield Building Society has announced that it has reduced rates on its Holiday Let, 2 year discounted rate to 95% LTV, and two discounted rates within its Versatility product range.

According to the lender, over half a per cent has been cut from its residential 2-year discount to 95% LTV with borrowers now able to choose an initial rate of 2.99% (variable). Holiday Lets benefit from a 0.20% reduction, making the initial pay rate 3.45% variable, while the Versatility mortgages are cut by 0.10% each, reducing the initial rates to 3.99% variable (Versatility 3) and 4.39% variable (Versatility 4).

The range of Versatility mortgages are for circumstances that require more of the Societyโ€™s underwriting expertise, such as unusual property types, complex income types (or those with limited employment/self-employed income history), and historic credit blips.

Paul Lewis, National Development Manager, said: โ€œWe hope the new pricing will provide an incentive for brokers and their clients to take advantage of our flexible approach to lending. Weโ€™re keen to increase the visibility of our well-priced discounted rates for those with circumstances who donโ€™t meet automated scorecard criteria.

“Indeed, we have just been shortlisted for โ€˜Best Variable Rate Lenderโ€™ in the 2020 What Mortgage Awards and hope this latest set of changes make us even more appealing. However, we recognise that discounted variable rates arenโ€™t for everyone, so Iโ€™m pleased to confirm that our Versatility range also includes fixed rates, providing an even greater choice.โ€

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