The Mansfield Building Society

Buy to Let Mortgages

At The Mansfield we offer fixed rate and discounted variable rate Buy to Let mortgage products for landlords throughout England and Wales.

Where we lend on a Business Buy to Let basis (i.e. existing professional landlords operating a buy to let portfolio as a business), the mortgage is not regulated by the Financial Conduct Authority (FCA).

Where property is let to a close relative (ie spouse or civil partner, children, parents, brothers and sisters) or the borrower intends to occupy the property at a future date, the mortgage will be regulated by the FCA.

We are also registered with the FCA for Consumer Buy to Let lending in which the borrower is deemed not to be acting predominently for business purposes. Consumer Buy to Let credit agreements are regulated by HM Treasury under an adopted UK national framework. 

Our 3 Year Discounted Rate Buy to Let mortgage product (DIB033) is available for property to be let to a close relative. All of our other Buy to Let products are not available for property to be let to a close relative.

See our available buy to let mortgage products below.

At The Mansfield we offer a range of fixed rate and discounted variable rate mortgages for first time and existing landlords throughout England and Wales.

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Mortgage Product Term Initial Rate1 Overall Cost for Comparison2 Max LTV3 Early Repayment Charge Product Fees
Consumer Buy to Let 3 Year Fixed Rate Remortgage Only - XIB015
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3 years 3.19% 5.1% APRC 70% 3% £199 application fee, £1,800 completion fee
Consumer Buy to Let 2 Year Discounted Rate Remortgage Only - DIB031
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2 years Currently 2.24% 5.0% APRC 70% 2% £199 application fee, £1,800 completion fee
Consumer Buy to Let 3 Year Discounted Rate Remortgage Only - DIB032
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3 years Currently 2.74% 4.9% APRC 70% 3% £199 application fee, £1499 completion fee
Family Buy to Let 3 Year Discounted Rate - DIB033
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3 years Currently 4.24% 5.3% APRC 70% 3% £199 application fee, £1,800 completion fee
Consumer Buy to Let 5 Year Fixed Rate Rate Remortgage Only - XIB016
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5 years 3.29% 5.1% APRC 70% 3% £199 application fee, £1,800 completion fee
Buy to Let 2 Year Discounted Rate - DIB035
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2 years Currently 2.24% 5.0% APRC 75% 2% £199 application fee, £1,800 completion fee
Buy to Let 3 Year Discounted Rate - DIB036
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3 years Currently 2.74% 4.8% APRC 75% 3% £199 application fee, £1,499 completion fee
Buy to Let 3 Year Discounted Rate - DIB037
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3 years Currently 3.24% 5.1% APRC 75% 3% £199 application fee, £1,800 completion fee
Buy to Let 3 Year Fixed Rate - XIB017
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3 years 3.19% 5.3% APRC 75% 3% £199 application fee, £1,800 completion fee
Buy to Let 5 Year Fixed Rate - XIB018
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5 years 3.29% 5.1% APRC 75% 3% £199 application fee, £1,800 completion fee

Representative Example

A mortgage of £111,950 payable over 15 years initially on a variable rate, currently 4.24% for 3 years and then on our current standard variable rate of 5.34% for the remaining 12 years would require 35 monthly payments of £395.56 and 144 monthly payments of £498.18 plus one initial interest payment of £363.13.

The total amount payable would be £200,518.65 made up of the loan amount, plus interest and fee(s) totalling £88,568.65. This includes Application Fee (£199), Chaps Fee (£25), Valuation Fee (£194), Legal Fees (£255), Completion Fee (£1,800) and Redemption Administration Fee (£150).

The overall cost for comparison is 5.4% APRC representative.

Your Property may be repossessed if you do not keep up repayments on your mortgage

Definitions

1 The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will revert to our Standard Variable Rate (SVR).

Our SVR is set by us and is currently 5.34%, as a variable rate it may go up or down.

2 The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.

3 Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage.

Shared Ownership mortgages will offer two percentages under LTV - the proportion of the property value and the proportion of the share being purchased.


Date printed: 29 April, 2017 09:25


The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049.
Member of the Building Societies Association.