Mansfield Building Society Equity Release and Lifetime Mortgage Review in 2024

Does Mansfield Building Society Offer Equity Release in 2024? Read This to Discover Who Mansfield Building Society Is and What Products It Does Offer. Read On…
  • Last Updated: 06 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • The process for Mansfield Building Society equity release entails an initial enquiry, financial advice, application submission, property valuation and final legal work.
  • While they can provide financial freedom, potential risks include a reduction in estate value and changes to your tax status or welfare benefits.
  • Qualification requires you to be a UK homeowner aged 55 or above, with a property worth at least £60,000.
  • Benefits include tax-free cash, no mandatory monthly repayments, and the ability to live in your home for life.
  • The funds acquired can be utilised for numerous purposes, including home improvements.

Are you wondering if Mansfield Building Society offers equity release?

If you are approaching retirement or already retired, you have probably heard of equity release, and you are looking for the best equity release mortgages.

Equity release allows you to access the equity in your property in the form of a cash lump sum while you continue to live in your home.

And the loan is only due when you pass away or enter long-term care.

There are pros and cons to equity release which you should consider carefully and that includes finding the right equity release provider.

In This Article, You Will Discover:

    We have researched leading equity release plans and have a comprehensive knowledge of the equity release sector.

    Therefore:

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Mansfield Building Society. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Mansfield Building Society.

    Who Is Mansfield Building Society?

    The Mansfield Building Society, founded in 1870, is a UK building society, which has it's headquarters in Mansfield, Nottinghamshire.1

    It began as The North Nottinghamshire Permanent Benefit Building Society.

    It is a member of the Building Societies Association.2

    What Is Meant By 'Equity Release'?

    Equity release, available to individuals over 55, allows homeowners to access the capital value of their property.

    It's an effective strategy for deriving financial benefits from your home, often used for purposes like enhancing retirement income or funding long-term care needs.

    This financial tool comes in two variants: lifetime mortgages and home reversion schemes. Lifetime mortgages involve taking a loan against your property, which gets repaid from your estate's proceeds.

    Home reversion, conversely, entails trading a portion of your property's ownership for a cash payout or ongoing payments, with continued residency.

    Read More: Equity Release, What Is It?

    What Is the Process for Equity Release with Mansfield Building Society?

    Equity release with Mansfield Building Society begins with a comprehensive consultation.

    They liaise directly with homeowners to discuss their specific needs and circumstances, ensuring a tailored, effective approach.

    The Society takes into consideration the homeowner’s age, health condition, and property value to provide the most beneficial financial solution.

    After the initial consultation, Mansfield Building Society conducts a professional property evaluation. Following this, and upon agreement of terms, the funds are released to the homeowner.

    Unique to Mansfield is their flexible approach; homeowners can choose to access their equity as a lump sum or in smaller, regular amounts.

    This flexibility demonstrates their expertise in providing client-centered equity release solutions.

    Why You Could Consider Mansfield Building Society

    You could consider Mansfield Building Society as it strives to continue being a reliable and autonomous mutual organisation. 

    As a cooperative building society that is independent and committed to giving each of it's clients a personalised level of service, it is proud to continue serving it's members and the local community.

    Because of it's governance, the Society actively supports local communities as a cooperative through sponsorship, charity giving, and the involvement of it's employees.

    What Services Does Mansfield Building Society Offer?

    Mansfield Building Society provides a selection of mortgage options that are simple and transparent to assist customers in meeting their unique housing demands in addition to safe and secure savings.

    The Society provides both fixed and reduced-rate retirement mortgages.

    Joint borrowers are evaluated based on both parties able to support the mortgage and are assessed using 100% of gross pension income.

    Does Mansfield Building Society Offer Equity Release or Lifetime Mortgages?

    No, Mansfield Building Society does not offer equity release in the form of lifetime mortgages or home reversion plans.

    It does, however, offer several retirement mortgage plans including Retirement Interest Only Mortgages (RIO) and residential mortgages up to age 85.  

    Both capital repayment and interest-only mortgages must be paid off before the borrower turns 85 in order to qualify for conventional residential lending. 

    The maximum Loan to Value (LTV) for all repayment options if the mortgage is to be repaid between 70 and 85 years of age is 70%.3

    What Are Mansfield Building Society’s Interest Rates?

    Mansfield Building Society has been offering a competitive market-leading rate on both lifetime and residential mortgages since 2014.

    It offers a two-year fixed rate on interest-only mortgages of 5.9%* (APRC).

    With its residential mortgages, it offers a two-year fixed rate of 5.9%* or a two-year discounted rate 3.25%*.

    Equity release interest rates start from 5.20% to 6.30%* (AER).

    *While we regularly review our rates, these may have changed since our last update.

    What Are Mansfield Building Society’s Fees?

    The fees for Mansfield Building Society are a £199 application fee and an £800 completion fee on both interest-only and residential mortgages.4

    In addition, it also offers homeowners a free valuation service.

    Does Mansfield Building Society Have An Equity Release Calculator?

    Mansfield Building Society offers a mortgage calculator but not an equity release calculator.

    If you are looking for an equity release calculator, why not try our easy-to-use calculator below for an approximation of how much equity you could release? 

    What Are The Advantages and Disadvantages of Mansfield Building Society

    The advantage of Mansfield Building Society is it was founded in 1870 and is authorised and regulated in the UK by the Financial Conduct Authority (FCA), while the disadvantage is that it does not offer equity release plans.5

    More information:

    Mansfield Building Society Pros

    The pros of Mansfield Building Society are:

    • It was founded in 1870.
    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA).
    • It offers residential mortgages up to the age of 85 and interest-only mortgages.
    • It offers competitive interest rates.

    Mansfield Building Society Cons

    The cons of Mansfield Building Society are:

    • It does not offer equity release plans.
    • Joint borrowers are evaluated based on both parties able to support the mortgage and are assessed using 100% of gross pension income.
    • In order to repay the lump sum on an interest-only mortgage at the end of the term, you must be able to demonstrate an acceptable repayment strategy when you apply.

    How Did We Review the Information on Mansfield Building Society?

    Our team assessed all the available information on Mansfield Building Society to bring you this detailed guide.

    NOTE: This article is an unaffiliated, independent, third-party, review of Mansfield Building Society.

    Mansfield Building Society Customer Reviews

    What it's customers have to say about Mansfield Building Society.

    Mansfield Building Society Complaints

    If you want to lodge a complaint with Mansfield Building Society you can contact it directly via it's website.

    Alternatively, you can write to them at:
    Mansfield Building Society, Regent Street, Mansfield, Nottinghamshire, NG18 1SS, UK.

    Mansfield Building Society FCA Details

    Trading Names

    • Mansfield Building Society
    • The Mansfield Building Society

    FCA Permitted Services

    • Banking
    • Insurance
    • Mortgages and Home Finance
    • Consumer Credit
    • Pensions
    • Investments
    • Other Services

    Regulators

    • Financial Conduct Authority (FCA)

    Registration Numbers

    • FCA Ref Number: 206049
    • Mutuals Register Number: 359B

    FCA and Mutuals Links

    Mansfield Building Society Contact Number and Address

    • +44 1623 676 300
    • Regent Street, Mansfield, NG18 1SS, UK.

    Common Questions

    What Is the Process for Mansfield Building Society Equity Release?

    Are There Any Risks Associated With Mansfield Building Society Equity Release?

    How Do I Qualify for Mansfield Building Society Equity Release?

    What Are the Benefits of Mansfield Building Society Equity Release?

    Can I Use Mansfield Building Society Equity Release for Home Improvements?

    Is Mansfield Building Society a Member of the Equity Release Council?

    Who Owns Mansfield Building Society?

    Where Can I Find Mansfield Building Society Jobs?

    Does Mansfield Building Society Offer Equity Release?

    Is Mansfield Building Society Safe?

    In Conclusion

    Mansfield Building Society was founded in 1870 and has it's headquarters in Mansfield, Nottinghamshire.

    The Society does not offer equity release plans in the form of lifetime mortgages or home revision plans.

    It does, however, offer a few mortgage options for those approaching or already in retirement.

    These products include residential mortgages up to 85 years and interest-only mortgages.

    If you want to apply for residential mortgages, it will assess 100% of your retirement income for eligibility purposes.

    And if you are looking at interest-only mortgages, it will assess your plans to pay the lump sum capital at the end of the mortgage term.

    You will not be able to obtain equity release with Mansfield Building Society, but if you are looking for a residential or interest-only mortgage, it is a safe option in 2024.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

    Related Articles
    Bath Building Society Home Equity

    Does Bath Building Society Offer Equity Release in 2024? Find Out What Services It Offers and if It Can Help You Get Extra Funds in Retirement. Read All About It Here.

    Mansfield Society Equity Release

    Does Mansfield Building Society Offer Equity Release in 2024? Read This to Discover Who Mansfield Building Society Is and What Products It Offers. Have a Look…

    Leeds Building Society Equity Release

    Does Leeds Building Society Offer Equity Release? Discover if It Does and if It’s a Brand You Should Consider… Get the Full Scoop Here…

    Family Building Society Equity Release

    Are You Looking Into The Family Building Society and Wondering If They Offer Equity Release to Unlock Capital? Find Out What Their Services Entail, As Well As Fees and Interest Rates. Continue Reading To Find Out What You Need to Know…

    Vernon Society Home Equity Release

    Are You Interested To Find Out About Vernon Building Society? Get the Latest Information on Offer, Including What Vernon Building Society Offers, Pros, Cons, Fees, and More! Read On…

    Scroll to Top