Mansfield Building Society Later Life Mortgage
Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui
Before You Start Reading...
How Much Can You Release? 👇
Mansfield Building Society Later Life Mortgage Review
Later Life Mortgage Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Discounted | 2.29% | 4.8% |
Scheme Incentives
- Free Valuation
- Legal Fees Contribution
Scheme Offers
- Interest-Only or Capital & Repayment
- 3-Yr Early Repayment Charges
I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release scheme with all the choices available.
Or is it?
Is the Mansfield Building Society Later Life Mortgage, equity release scheme the best?
Don’t let your equity release dream become a nightmare!
Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.
However, it’s important to remember that not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.
As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.
- We'll provide detailed information about the Later Life Mortgage scheme.
- We’ll help you assess whether this plan could be right for you and your family.
- We'll explain how low the current interest rates are for the Later Life Mortgage product.
Let’s find out!
Who Are Mansfield Building Society?
Scheme Background
Heritage, transparency and friendly service. A few key ingredients you’ll enjoy when saving or choosing mortgage solutions with Mansfield Building Society. As an independent mutual The Mansfield provides a transparent range of mortgage solutions for all stages of life.
Kick start life’s journey to purchase your 1st home through family focussed lending and the Family Assist mortgage range. Customers, of up to 85yrs, who wish to take a mortgage can find peace of mind with later-life lending solutions via its residential mortgage range, and also Retirement Interest Only mortgages (RIO’s) with no end term.
Originally formed as the North Nottinghamshire Permanent Benefit Building Society in 1870, The Mansfield Building Society continues to serve its members and community. Operating from its’ headquarters in Mansfield, It retains its heritage and has now grown to achieve assets exceeding £400m.
Eligibility & Requirements
The Mansfield Building Society Later Life Residential Mortgage is offered to homeowners who want to extend the term of their mortgage over the normal maximum age of 70 years. In such cases, the Mansfield will allow the mortgage to be repaid between the ages of 70 and 85.
In such cases, mortgage affordability will be determined on an individual sole survivor basis, with individual underwriter discretion used. A Lasting Power of Attorney and independent legal counsel may be suggested or needed as a condition of the offer.
This Later Life Residential mortgage might be used to refinance or to help with the purchase of a home.
Mansfield Building Society takes a responsible approach to lending in retirement, assessing each applicant independently on joint applications so that they may support the mortgage exclusively during the term if their spouse pre-deceases them.
The Mansfield Later Life Mortgage is offered on a single or joint life basis, with a minimum age based on the term chosen.
The lowest loan amount on this residential mortgage is £25,000, with a maximum loan amount of £500,000. Please call the team on Freephone – 0800 802 1051 to confirm qualification and obtain your unique price for mortgage applications above £500,000.
There is no standard minimum acceptable amount of income, and each loan is underwritten separately to determine eligibility.
According to Mansfield, eligible income for homeowners in retirement will be mostly pension income, with consideration given to investment and rental income. If the borrower(s) is still working or self-employed, standard income verification is necessary, as well as evidence of reliable retirement income, such as a pension or self-employment income.
Borrower(s) must get independent legal advice, and mortgage advice must be supplied by a CeRER or CertER Equity Release Qualified advisor.
Mansfield’s retirement mortgage requires a minimum property worth of £50,000, and the property must be the homeowner’s primary residence and located in England and Wales. To verify your eligibility, please call the team.
Scheme Features
This Mansfield Later Life Mortgage gives an initial tax-free lump sum cash release for immediate use, with the option to make monthly repayments to the Mansfield Building Society of either interest-only or capital and interest.
Savings and investments; pension lump sums; stocks and shares, or a stocks and shares ISA/NISA; the sale of other UK property; and property downsizing are all options for interest-only repayment, subject to a minimum equity of £150,000, which is sufficient to provide a reasonable quality home in the area.
For borrowers between the ages of 70 and 85, the maximum loan-to-value (LTV) on this later life mortgage is 70% of the property value.
The shortest mortgage term is 5 years, while the longest period is 35 years.
Because this is a residential mortgage, there are no safeguards in place if anything unforeseen occurs that prohibits the homeowner from continuing to make payments. As a result, in order to use this program, homeowners must be certain that their income will be substantial and consistent enough to satisfy their payment commitments.
The homeowner is responsible for making all monthly interest and/or capital repayments as they become due until the mortgage term expires. This implies that if the homeowner does not keep up with mortgage payments, their home may be at risk.
If a single applicant dies before the end of the term, the mortgage must still be repaid, generally through the sale of the home. On joint applications, the mortgage will be continued in the survivor’s name, with payments still required.
Because the Mansfield Building Society is not a member of the Equity Release Council, its programs do not follow the same code of behavior as other equity release schemes such as the No Negative Equity Guarantee.
On this reduced rate plan, there are three-year early repayment costs (ERCs) of 3% of the negotiated advance.
Scheme Options
This Mansfield residential Later Life mortgage allows homeowners to spend their tax-free wealth whenever they see fit, but unlike roll-up equity release plans, they may also make monthly interest-only &/or capital repayments to control the future sum.
Mansfield will consider applications based on retirees acquiring homes, remortgaging company, and unencumbered properties.
The mortgage can also be moved to a new house as long as there is enough security for the mortgage and at least £150,000 residual equity.
Within its product line, the Mansfield mortgage typically offers fixed and reduced rates. They are, however, subject to change, so call the team for the most up-to-date interest rates.
If a special offer expires, it will return to the lender’s regular variable rate, unless another deal is chosen before or at the expiration date.
Mansfield Building Society's Other Equity Release Schemes
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Before You Go
How Much Can You Release? 👇
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