Hope Capital and Mansfield update products

Hope Capital and Mansfield Building Society have updated their specialist finance product ranges.

Hope Capital

Hope Capital has revamped its bridging offering and launched a new product range for all property types.

The capital collection offers a series of options across residential, mixed-use, and commercial property, designed to meet a wide range of borrowers’ needs.

It provides loans of up to £5m at a maximum of 75% LTV on a retained or serviced interest basis, available throughout England and Wales for loan periods of up to 12 months.

The products are suitable for various borrowers, including those who live outside of the UK and have an imperfect credit rating.

As part of the new collection, rates on commercial deals have been reduced from 0.90% to 0.82% per month.

Hope Capital has also increased the maximum loan amount for its seventies collection range to £1m, while the eighties collection has been updated to consider mixed-use cases of up to 70% LTV, with interest rates starting at 0.80% per month and a maximum loan of £800,000.

In addition, the lender has bolstered its refurbishment range, which comprise two products — refresh and renovate — to deliver different solutions tailored to the level of refurbishment the borrower plans to undertake.

The company continues to offer its discounted rate loan, with rates starting from 0.54% per month, which has been particularly popular with borrowers who are looking to balance cash flow, rate and the day-one loan amount.

Gary Bailey, managing director at Hope Capital, said: “With the property market currently being so active and the bridging finance industry remaining strong, we have seen a huge increase in enquiries over the last few months and have made it our priority to listen to feedback from our brokers and borrowers on the types of loans they would like to see in the market.

“By providing lower rates, higher LTVs and so forth, we are now even better positioned to offer more affordable and innovative solutions to brokers and their clients.”

Mansfield Building Society

Mansfield Building Society has introduced two new holiday let mortgages at up to 70% LTV to coincide with a rise in staycations.

The new products, comprising a five-year fixed rate and a three-year discounted rate, are available across England and Wales. 

For affordability, Mansfield takes an annual average of 70% of the low-, mid- and high-season rental income, after letting agent fees, when assessing the interest rate coverage ratio.

As part of the affordability assessment, the lender also considers background or personal wealth.

Andy Alvarez, head of mortgage sales at Mansfield Building Society, commented: “As we head towards a summer with [many] people looking to holiday in the UK this year, the popularity of staycations is likely to increase demand in the holiday let sector. 

“For landlords already operating in this market and looking to expand their portfolio, or for those considering their first holiday let, our flexible approach has a lot to offer.

“Whether they’re slightly unusual property types offering real character, or quirky circumstances that still represent common-sense opportunities, we can help brokers and their clients unlock their potential and we’re really looking forward to increasing our support for this market.”

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