Mansfield Building Society Later Life Mortgage

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

Are You Considering the Later Life Mortgage Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Mansfield Building Society Later Life Mortgage Review

Later Life Mortgage Key Details

Type Rate APR
Mansfield Building Society Fixed 2.49% 5.1%

Scheme Incentives

  • Free Valuation
  • Legal Fees Contribution

Scheme Offers

  • Interest-Only or Capital & Repayment
  • 2-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.

Could the Mansfield Building Society Later Life Mortgage be the right equity release plan for you?
We’re here to help you:
Mansfield Building Society is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Mansfield Building Society?

Let’s find out!

Who Are Mansfield Building Society?

The Mansfield Building Society is a UK building society, which has its headquarters in Mansfield, Nottinghamshire. It is a member of the Building Societies Association.
Mansfield Building Society Later Life Mortgage

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 (RIO) 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 RIO 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 set 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.

Editor’s Rating: 4.74

Mansfield Building Society's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Mansfield Building Society.

Before You Go

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Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
John Lawson

Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
francis

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
kath icon

Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
nicola

Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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