Does Mansfield Building Society offer any alternatives to equity release?

Whether you have been eyeing that dream vacation or preparing for some home improvements for years, releasing equity from your home is one way to go about it.

However, we know that picking the right provider and plan can be daunting, so we have taken the guesswork out of it.

At SovereignBoss, our research team has spent countless hours reviewing equity release information and industry news.

Find out here what Mansfield Building Society can offer you.

Keep reading to discover more...

NOTE: SovereignBoss is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of SovereignBoss 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.

What Is Equity Release?

Equity release is presented as a strategic financial option for homeowners, offering a range of solutions.

These products are designed to help individuals release equity in their homes, providing a valuable resource for those looking to enhance their financial flexibility or meet specific financial goals.

Who Is Mansfield Building Society?

Mansfield Building Society, a stalwart in the UK's financial landscape, offers an array of services, including savings accounts and mortgages.

Established with a strong commitment to serving its members' needs, Mansfield Building Society has built a reputation for offering flexible financial solutions that cater to a wide array of customer requirements.

Originally formed as the North Nottinghamshire Permanent Benefit Building Society in 18701, the Mansfield Building Society continues to serve its members and community.

Beyond its financial services, the society is deeply rooted in supporting local communities through charitable initiatives and sponsorships, reinforcing its position not just as a provider of financial products but as a valuable community member.

Operating from its headquarters in Mansfield, the society retains its heritage and has now grown to hold assets exceeding £400mln.²

Mansfield Building Society is a member of the Building Societies Association.³

Why Should You Consider Mansfield Building Society?

You should consider Mansfield Building Society because of its reputation and proven track record.

It provides a personalised solution to its clients' needs.

You can also rest assured that it is a reputable company because it is a member of the Building Societies Association.

What Are The Pros and Cons of Mansfield Building Society?

The pros and cons of Mansfield Building Society include that it is authorised and regulated in the UK by the Financial Conduct Authority (FCA)³, but does not offer equity release.

More information:

Mansfield Building Society Pros

The pros of Mansfield Building Society are:

• It has been in business for over 150 years.
• Its mortgage options include interest-only mortgages and residential mortgages up to 85.
• It is authorised and regulated in the UK by the FCA.

Mansfield Building Society Cons

The cons of Mansfield Building Society are:

• Equity release is not one of its product offerings.
• You will need to prove that you can make the interest payments if you take out an interest-only mortgage.
• The mortgage must be repaid before the age of 85.

Does Mansfield Building Society Offer Equity Release and 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 mortgage plans, including interest-only mortgages and residential mortgages up to the age of 85.  

Does Mansfield Building Society Have an Equity Release Calculator?

No, Mansfield Building Society does not have an equity release calculator; it does, however, have a mortgage calculator.

If you are looking for an equity release calculator, why not use the one below and see how much approximately you could potentially release from your home?

Mansfield Building Society Customer Reviews and Ratings

You can view Mansfield Building Society's customer reviews and ratings below.

• Mansfield Building Society Reviews on SmartMoneyPeople.com
• Reviews of Mansfield Building Society on GlassDoor.co.uk
• Mansfield Building Society reviewed on b.co.uk

How Did We Review the Information on Mansfield Building Society?

We reviewed Mansfield Building Society based on the following:

• Reputation and History – How many years they have been in business, customer reviews, and industry rewards received.
• Financial Strength – Ensuring it is going strong and has adequate funds to meet long-term commitments.
• Product Range – We favour companies offering a variety of equity release schemes with greater product flexibility.
• Interest Rates and Fees – We reviewed competitive rates compared to industry averages and they must be fully transparent about rates and fees without hidden costs.
• Customer Service and Support – When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
• Code of Conduct and Compliance – We only consider companies that adhere to recognised industry standards and codes.
• Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
• Innovation and Technology – Is there a streamlined, digital application process?
• Client Testimonials – Success stories and the complaints resolution process.

This is an unaffiliated, third-party independent review of Mansfield Building Society's information.

Mansfield Building Society Customer Complaints

If you want to lodge a complaint with Mansfield Building Society, you can contact its customer care department on  01623 676340.

Alternatively, you can write to the customer care team at:
Mansfield Building Society, Regent Street, Mansfield, Nottinghamshire, NG18 1SS, UNITED KINGDOM.

You can also provide an assessment on a review site like Trustpilot or Feefo.

What Are Mansfield Building Society’s Interest Rates?

Mansfield Building Society offers a two-year fixed rate on interest-only mortgages starting from 5.97% to 6.28%⁴ APR.*

With its residential mortgages, it offers a two-year fixed rate of 5.97% to 6.28%* or a two-year discounted rate 3.23%.*⁵

Equity release interest rates in general range between 5.97% to 6.28%* AER.

Learn more about the latest equity release interest rates here..

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

What Are Mansfield Building Society’s Fees?

Mansfield Building Society's fees include a £199 application fee and an £800⁶ completion fee on both interest-only and residential mortgages.

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

Learn More About Mansfield Building Society

Since 1870, Mansfield Building Society has been serving the requirements of customers and members, and its goal is to continue to be a safe and trustworthy independent mutual organisation.

It aims to be well-known, pleasant, and efficient when it comes to assisting its consumers and members in saving for the future and purchasing their own houses.

The society provides a clear and transparent choice of mortgage solutions to help consumers meet their specific housing demands, in addition to offering a safe refuge for funds.

As a mutual building society, the society's organisation governance means that it actively supports the local community through sponsorship, charity contributions, and direct engagement of its employees.

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) 
• Prudential Regulation Authority (PRA)⁷

Registration Numbers

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

FCA and Mutuals Links

• FCA Link: FCA Link
• Mutuals Public Register Link: Mutuals Link

Mansfield Building Society Contact Number and Address

• +44 162 367 6300
• Regent St, Mansfield NG18 1SS, United Kingdom.

Common Questions

Conclusion

Although Mansfield Building Society does not offer equity release, it has various mortgage options for you to consider.

Not only is it a member of the Building Societies Association, but it is also authorised and regulated by the FCA.

So, if you are approaching, or are in your retirement years, Mansfield Building Society's equity release alternatives are viable options for you to consider.

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.