Mansfield Building Society announces interest rate cut on SPV Ltd's holiday let mortgage. to

Mansfield Building Society has announced a rate cut on its SPV Ltd Company Holiday Let mortgage, offering investors an even more competitive option.

The initial interest rate for the 2-year discount product will drop from 6.20% to a variable 5.99%, offering borrowers improved affordability as well as lower initial monthly payments.

The product offers a maximum loan-to-value (LTV) of 75%, with loan sizes ranging from a minimum of £100,000 to a maximum of £1,000,000 per property. Early repayment penalties (ERCs) of 2% apply for repayment in the first year and 1% for repayment in the second year.

Tom Denman-Molloy, Intermediary Sales Manager at Mansfield Building Society, commented: “We are pleased to be able to reduce the interest rate on our SPV Ltd Company holiday rental product, making it more attractive to property investors who are either already active in the holiday rental market or are looking to invest in it. This rate reduction is consistent with our commitment to providing competitive and flexible mortgage solutions for underserved borrowers.

We believe that this offering, with its lower interest rate and strong product features, will certainly be attractive to brokers and their customers.”