"We’re really excited to be bringing these changes to the holiday let sector because we’re committed to making a real difference to brokers and their clients."
In addition to expanding its holiday let borrower types, The Mansfield is also increasing the maximum LTV from 70% to 75% for holiday lets and its maximum loan size to £1million for buy-to-let.
The new holiday let mortgages available to both individual landlords and SPV limited companies are include a two-year discounted rate at 3.59% variable and five-year fixed rate at 4.09%.
Expats needing a holiday let mortgage will also be able to access a two-year discount at 4.19% variable and a five-year fix at 4.69%.
Affordability for all holiday let lending with Mansfield will continue to be flexibly assessed on a proportion of an annual average of low, mid and high season rental income, including consideration given to top slicing.
Intermediary sales manager, Tom Denman-Molloy, said: “We’re really excited to be bringing these changes to the holiday let sector because we’re committed to making a real difference to brokers and their clients.
"By expanding our holiday let lending into these underserved segments and extending our loan sizes and LTVs for all holiday lets, we can give real opportunities for brokers that need to find versatile and open-minded solutions to clients with ever evolving mortgage needs.”
