Mansfield Building Society Equity Release And Lifetime Mortgage Review in 2024
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- The process for Mansfield Building Society equity release entails an initial enquiry, financial advice, application submission, property valuation and final legal work.
- While their equity release 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.
Have you been wondering if Mansfield Building Society offers equity release?
If you are wondering who is the best equity release company but are not sure whether to approach a specialist lender or a mutual society, the question may have crossed your mind.
In This Article, You Will Discover:
In this article, the Every Investor team will explore Mansfield Building Society’s mortgage offerings and discuss whether it is possible to take out equity release through the society.
This article aims to deliver a summary of this building society and it's products, providing information for your decision-making process.
Every Investor strives for accuracy and comprehensiveness in it's research and reporting.
Our researchers have painstakingly analysed the latest reports and public statements released by Mansfield Building Society, and our editorial team reviews, fact-checks, and updates all our content to ensure it remains current, relevant, and undergoes extensive quality checks.
This article was researched and written by a team of financial experts, without the use of AI assistance.
NOTE: Every 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?
Mansfield Building Society is a UK-based mutual building society, which means it is owned by it's members.
It has it's headquarters in Mansfield, Nottinghamshire, and has been providing mortgage and savings products since 1870.1
This building society offers mortgages and savings accounts, and acts as an introducer for home insurance.2
What Is An Equity Release Loan In The UK?
Equity release is a financial tool for those aged 55 or older, allowing them to convert part of their home’s equity into cash.
It's a solution for accessing the money tied up in your property, particularly useful for those looking for additional funds during retirement.
There are two main types of equity release: lifetime mortgages and home reversion plans.
In a lifetime mortgage, which is a common form of equity release loan in the UK, you borrow against your home and the loan, along with accrued interest, is repaid when the house is sold, typically after your death or moving into care.
Home reversion involves selling a portion of your home to a company for a lump sum or regular payments, yet you can continue to live there.
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.
Does Mansfield Building Society Offer Equity Release or Lifetime Mortgages?
No, Mansfield Building Society does not offer equity release.
The building society mainly focuses on standard residential and buy-to-let mortgages, along with a selection of niche mortgage products.3
If you are considering equity release, it is advisable to explore other specialised providers or consult a financial advisor who can guide you through the available options in the market.
What Mortgage Options Are Available From Mansfield Building Society?
Mortgage options that are available from Mansfield Building Society include a variety of mortgage options to cater to different needs and circumstances.
Some of this mutual’s mortgage offerings include:
- Standard residential mortgages for first-time buyers.
- Mortgages for moving home.
- Remortgaging options.
- Buy-to-Let mortgages for landlords.
- Niche products, like mortgages for holiday lets4, products tailored for the self-employed5, and family-assist mortgages for first-time buyers who can not afford a deposit.6
Mansfield Building Society also offers three different mortgage options to clients who would like to take out a mortgage during retirement.7
These mortgages offer LTVs of up to 70%, up to 80%, and up to 90%, and are available in England, Wales, and parts of Scotland.8
You may also be able to take out a Retirement Interest-Only Mortgage from Mansfield Building Society, but you will only be able to apply through a CeRER or CertER Equity Release-qualified advisor.9
All product information is accurate as of 29/05/2023. While we strive to provide up-to-date product summaries, mortgage availability may have changed since our last update.
The 75% LTV Mortgage
The 75% LTV mortgage offered by Mansfield Building Society comes with a 4.63% initial variable rate, a £199 application fee, a 0.5% completion fee, and Early Repayment Charges of 2%.10
For comparison purposes, the APR on this mortgage is 7.6%.
If the mortgage will be repaid when the borrower is between the ages of 70 and 85, the maximum LTV will be 70%.11
The 80% LTV Mortgage
The 80% LTV mortgage offered by Mansfield Building Society comes with a 4.75% initial variable rate, a £199 application fee, an £800 completion fee, and Early Repayment Charges of 2%.12
For comparison purposes, the APR on this mortgage is 7.1%.
The 80%–90% LTV Mortgage
The 80%–90% LTV mortgage offered by Mansfield Building Society comes with a 5.19% initial variable rate, a £199 application fee, an £800 completion fee, and Early Repayment Charges of 2%.13
For comparison purposes, the APR on this mortgage is 7.8%.
The Retirement Interest Only (RIO) Mortgage
The Retirement Interest Only (RIO) mortgage offered by Mansfield Building Society offers an LTV of 40% for borrowers up to age 65 and 55% for those over 65.14
This RIO mortgage comes with a 5.23% initial variable rate for five years, a £199 application fee, and an £800 completion fee.15
For comparison purposes, the APR on this mortgage is 7.5%.
While the product offering listed here was accurate at the time of publication, it is important to note that mortgage product availability and cost or rate details may vary over time.
To receive the most accurate and up-to-date information on the mortgage options offered by Mansfield Building Society, visit it's official website or contact the Mansfield Building Society on 01623 676 300.
A mortgage is a loan secured against your home, and if a sudden rise in interest rates causes you to fall into financial difficulty or you fall behind on your repayments for any other reason, your home may be repossessed.
Does Mansfield Building Society Offer an Equity Release Calculator?
No, Mansfield Building Society does not offer an equity release calculator because it does not offer an equity release product.
If you would like to find out approximately how much you could borrow through an equity release loan, you could use our free equity release calculator below.
To obtain accurate and personalised information about equity release and traditional mortgages and explore available options, it is advisable to consult with a qualified advisor.
What Are the Costs Associated With Mansfield Building Society’s Mortgages?
The costs associated with Mansfield Building Society's mortgage products typically include a valuation fee, product fee, and legal fees.
Interest rates vary depending on the product, your circumstances, and the length of the mortgage term.
Fees Charged on Retirement Mortgages
The fees charged on retirement mortgages offered by Mansfield Building Society include a number of different charges.16
These fees are:
- A £199 product fee.
- Valuation fees (though these are waived for some mortgages17).
- Completion fees of 0.5% or £800, depending on the product.
- Legal fees of £255 (or £350 if you are taking out a RIO mortgage18).*
- A Redemption Administration Fee of £125.
- A CHAPs fee of £25.
*If you are taking out a retirement product in order to re-mortgage in England or Wales, you will benefit from free, fast-track legal fees.19
Interest Rates on Retirement Mortgages
The interest rates on retirement mortgages offered by Mansfield Building Society vary between the different product options.*
A quick summary of the available rates:
- The 75% LTV Mortgage: a 4.63% initial variable rate for two years (7.6% APRC).20
- The 80% LTV Mortgage: a 4.75% initial variable rate for two years (7.1% APRC).21
- The 80%–90% LTV Mortgage: a 5.19% initial variable rate for two years (7.8% APRC).22
- The Retirement Interest Only (RIO) Mortgage: a 5.23% initial variable rate for five years (7.5% APRC).23
*While the rates and fees listed here were accurate at the time of publication, it is important to note that these details may vary over time.
What Are the Advantages of Choosing Mansfield Building Society?
The advantages of choosing Mansfield Building Society include the society’s flexibility in lending criteria and it's personalised service.
The benefits of choosing this mutual society include:
- Access to client support for those with disabilities, access to bereavement support services, and the option of speaking to a representative via video call.24
- A range of mortgage products, including options for self-employed borrowers25 and first-time buyers struggling to afford a deposit.26
- A variety of savings accounts, including accounts you can open and manage online27, savings accounts that support the Mansfield Building Society’s Charitable Trust28, and exclusive accounts for existing members and residents of Nottinghamshire, Derbyshire, or South Yorkshire.29
- Working with a mutual society that is community-focused and actively supports local initiatives and charities through the Mansfield Building Society Charitable Trust.30
What Are the Disadvantages of Choosing Mansfield Building Society?
The disadvantages of choosing Mansfield Building Society may include it's limited product range when compared to larger banks, and the fact that it does not offer equity release products.
The disadvantages of choosing Mansfield Building Society include:
- Access to fewer branches compared to national providers, a potential drawback if you prefer face-to-face interactions and live somewhere without a nearby branch.31
- A smaller product range to choose from compared to those of larger financial institutions.
- Access to a more limited variety of mortgage products: If you have very specific mortgage needs or require specialised features, you may find more suitable options with larger financial institutions or specialist mortgage lenders.
- No equity release options: If you are specifically interested in equity release, you will need to explore other specialised providers in the market.
Why Choose Mansfield Building Society?
You may choose Mansfield Building Society for it's commitment to serving it's community and it's ability to consider individual circumstances, like self-employment, when it comes to mortgages.32
It is a community-focused institution that donated £5,000 to it's charity partner in 2022, and £18,000 to local community groups in the same year.33
The building society offers competitive savings accounts and has branches in Mansfield, Sutton-in-Ashfield, Kirby-in-Ashfield, and Chesterfield, as well as online and telephone banking services.34
What Do Mansfield Building Society’s Customers Think of It?
To find out what Mansfield Building Society’s customers think of it, it pays to consult independent review platforms, such as Smart Money People35, where customers can share their experiences and ratings.
Conducting online research and reading customer reviews and testimonials can provide insights into the overall sentiment and experiences of the society's members.
Remember that experiences can differ, and it is important to consider various sources to form a well-rounded view.
Additionally, reaching out directly to Mansfield Building Society and speaking with it's representatives can provide further clarity on any specific questions or concerns you may have as a potential customer.
What Are Mansfield Building Society’s FCA Details?
Mansfield Building Society's Financial Conduct Authority (FCA) details are as follows:
Firm Name: The Mansfield Building Society
FCA Firm Reference Number: 206049
Principal Place of Business: Regent Street, Mansfield, Nottinghamshire, NG18 1SS
It is important to note that regulatory information may change over time, so please visit the FCA’s Financial Services Register to find the most up-to-date and accurate information.
How Can I Contact Mansfield Building Society?
You can contact Mansfield Building Society in several different ways.
How to get in touch:
- Phone the customer service team on 01623 676 300.
- Email the building society at firstname.lastname@example.org.
- Visit a branch in Mansfield, Sutton-in-Ashfield, Chesterfield, and Kirby-in-Ashfield.36
- Use the online contact form available on the building society’s website.
- Send a written inquiry to The Mansfield Building Society, Regent House, Regent Street, Mansfield, Nottinghamshire, NG18 1SS.
When contacting Mansfield Building Society, it is advisable to have any relevant account information or details ready to ensure a smoother and more efficient communication process.
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?
What Is the Typical Mortgage Processing Time With Mansfield Building Society?
Who Owns Mansfield Building Society?
Does Mansfield Building Society Keep My Personal Information Safe and Secure?
Is Mansfield Building Society a Member of the Equity Release Council?
How Can I Be Employed by Mansfield Building Society?
With it's roots as a mutual society, Mansfield Building Society emphasises personalised service in it's approach to mortgages and savings.
While it may not offer the widest range of products, the society’s dedication to individual needs and it's community ethos may make it an ideal choice for those seeking a more personalised service.
Customers can benefit from the institution’s community-focused approach and convenient access to branches and online / telephone banking.
Always remember to compare options and seek advice before making any financial decisions.
Even though Mansfield Building Society does not offer equity release, one of the society’s Retirement Mortgages could be an option for you.
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.
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