Mansfield cuts rates on holiday let mortgage products – Mortgage Finance Gazette

The initial interest rate for the 2-year discount product will drop from 6.20% to a variable 5.99%. The products offer a maximum LTV of 75%, with loan sizes ranging from £100,000 to £1m per property.

Early repayment penalties (ERCs) of 2% apply for repayment in the first year and 1% for repayment in the second year.

According to Mansfield BS, this lower rate should help make property investors buying through a corporate structure more affordable and reduce initial monthly payments.

Tom Denman-Molloy, Intermediary Sales Manager at Mansfield BS, said: “This rate cut is in line with our commitment to providing competitive and flexible mortgage solutions for underserved borrowers.

“With its lower interest rate and strong product features, we believe this offering will be attractive to brokers and their customers.”