Mansfield Building Society has reintroduced its holiday let mortgage product, re-entering the market with a 3-year discounted rate product to 70% loan-to-value (LTV).
The holiday let product is available with the following features: a 3-year discounted variable pay rate 3.05% (2.30% below the standard variable rate (SVR)); a £199 application fee; a £1,800 completion fee; and a 3% early repayment charge (ERC) during the discounted period.
Paul Lewis (pictured), national development manager at Mansfield Building Society, said: “As a lender that supports the buy to let sector with an extensive range of mainstream and niche products, we’re pleased to add holiday lets back into our range which also includes expat, family and limited company buy-to-let.
“We’re really keen to ensure that we help brokers as much as we can as the mortgage market begins to recover and lockdown measures begin to ease because it’s brokers who have the expertise to maximise the potential for borrowers.
“The stamp duty concessions, introduced by the Chancellor until 31 March next year provide an added incentive for landlords to act sooner rather than later.
“With initiatives like these I’m sure brokers and their clients will look to take advantage of the favourable terms and secure future investment whilst the opportunity exists.”