Scottish landlords looking for a buy-to-let mortgage have a new option as Mansfield Building Society launches into the Scottish market.
What mortgages are on offer?
The building society offers a range of buy-to-let mortgages, including:
- Buy-to-let: A standard buy-to-let mortgage for landlords.
- Consumer buy-to-let: This is for landlords who own 3 or more buy-to-let properties.
- Regulated family buy-to-let: This allows close family members to help each other get on the property ladder.
What are the key features?
- High Loan Amounts: Borrowers can apply for loans from £50,000 up to £1 million.
- High Loan-to-Value: Landlords can borrow up to 75% of the property value.
- Portfolio Landlords: Mansfield welcomes applications from portfolio landlords with up to 10 buy-to-let mortgages with other lenders.
- Expat Buy-to-Let: International investors can also apply.
What is not included?
There are some exceptions to what Mansfield will lend on.
- Limited Company Buy-to-Let: Applications from limited companies are not currently accepted.
- Holiday Lets: Mansfield does not offer mortgages for holiday let properties.
Postcode Restrictions
While Mansfield is open to lending in Scotland, they do have some postcode restrictions on certain Scottish islands. It’s best to check with Mansfield directly to see if your desired location is covered.
What does this mean for Scottish landlords?
Tom Denman-Molloy, Intermediary Sales Manager at The Mansfield, said: “Mansfield’s launch into the Scottish buy-to-let market enables us to expand our reach and offering to include Scottish landlords who now have access to our flexible and personal lending solutions.”
He added: “Whether it’s our incredibly popular family buy-to-let lending or supporting portfolio landlords with affordability through top slicing, we’re looking to add an extra dimension to buy-to-let in Scotland.”
The move comes after Mansfield recently enhanced its criteria to include flats in properties up to 10 storeys.