Mansfield Building Society
The Mansfield Building Society was founded in 1870 and started out as ‘The North Nottinghamshire Permanent Benefit Building Society’ before changing name to the ‘The Mansfield and District Permanent Benefit Building Society’.
The Society’s aim is to remain a safe and trusted independent mutual organisation. They proudly continue to serve their members and their community as an independent, mutual building society, focused on providing an individual personal service to new and existing customers alike.
The Society’s governance means that as a mutual building society they actively support the local community through sponsorship, charitable support and the direct engagement of their staff.
As well as being a secure haven for savings, Mansfield Building Society offer a clear and transparent range of mortgage solutions to help people fulfil their individual housing needs.
As part of this range, the Society offers both fixed and discounted rate retirement mortgages.
In assessing affordability, they use 100% of your gross pension income and joint borrowers are assessed based on both individuals being able to support the mortgage.
For standard residential lending, the mortgage must be repaid before age 85 for both capital repayment and interest only mortgages. Where the mortgage is to be repaid between age 70 and age 85 the Society allows up to a maximum of 70% Loan to Value (LTV) for all repayment types.
Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
Call us anytime
We understand that with different options to choose from, it can be difficult to find the right home
reversion plan provider for you. That’s why our team of expert and impartial advisers are on hand to answer
all your questions and find the right solution for you.
It costs nothing to give us a call and the first and only person you’ll speak to is your local adviser. That’s because we don’t have call centres. Just highly qualified and experienced advisers ready to help you.