13 March 2017
Mansfield Building Society has increased its maximum loan size from £300,000 to £500,000 across its entire Buy to Let mortgage range and will now lend when up to 15 mortgages remain outstanding with other lenders.
In addition, individuals can now borrow up to £1million in aggregate, an increase of £500,000 on the Society’s previous limit.
These latest enhancements come after the Society increased its loan to value (LTV) for landlords to 75% LTV.
The Society, which lends across England and Wales, also offers Regulated Family Buy to Let up to 70% LTV.
National Development Manager, Steve Walton, said that the latest step was aimed at supporting landlords by increasing availability in response to house price inflation over recent years.
“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.”