Mansfield Building Society RIO Mortgage

Are You Considering the RIO 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 RIO Mortgage Scheme Review

RIO Mortgage Key Details

Type Rate APR
Mansfield Building Society Fixed 3.35% 5%

Scheme Incentives

see them here.

Scheme Offers

  • Fixed & Discounted Rates
  • Interest-Only Mortgage
  • Drawdown Option
  • 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 RIO 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 RIO 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 RIO 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 Retirement Interest Only Mortgage (RIO) is created particularly for homeowners over the age of 55 who need access to the equity in their house to improve their retirement lifestyle.

This RIO mortgage might be used to refinance or to help with a home purchase.

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 both a single and joint life basis, with the youngest homeowner having to be 55 years old. There is no upper age limit.

This RIO mortgage has a minimum loan of £50,000 and a maximum amount of £250,000. Please call the team on Freephone – 0800 802 1051 to confirm qualification and obtain your customized price for mortgage applications above £250,000.

There is no set minimum acceptable amount of income, and each loan is underwritten separately to determine eligibility.

Mansfield accepts pension income as eligible income for homeowners, although investment and rental income may also be considered. 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.

Independent legal counsel will be necessary for the borrower(s), and the solicitor/borrower(s) must guarantee that two Lasting Powers of Attorney are in place – one for Health and Welfare and the other for Financial Affairs.

A CeRER or CertER Equity Release Qualified advisor must give RIO mortgage advice.

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 RIO Mortgage offers a tax-free lump sum cash release for immediate usage, as well as the opportunity to make monthly repayments to the Mansfield of just interest.

There is no maximum period; it will endure as long as the last living homeowner lives. There is also no requirement for any type of payback scheme, such as endowment, investment, or repayment basis. The loan is an interest-only lifetime mortgage with no specified expiration date and is often repaid upon the sale of the property.

The maximum loan-to-value (LTV) on an interest-only mortgage is determined by the borrower’s age at the time of application. The maximum loan-to-value for homeowners under the age of 65 is 40%, while for those 65 and above, the maximum loan-to-value is 55% of the property value.

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 payments as they become due until the RIO mortgage is paid off. This implies that if the homeowner fails to make payments on their RIO mortgage, their house may be at danger.

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.

Early repayment costs (ERCs) on this Mansfield RIO Mortgage are set for the duration of the fixed rate term deal (e.g. 3 years).

Scheme Options

This Mansfield Retirement Interest Only Mortgage allows any homeowner to spend their tax-free cash whenever they see fit, but unlike roll-up equity release programs, they may also make monthly interest-only repayments to control the future sum as they see fit.

The Mansfield allows for drawdowns up to the maximum loan-to-value available to the borrower at the time of application, subject to a satisfactory affordability assessment on each withdrawal. The minimum future drawdowns begin at £10,000.

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 appropriate security is provided.

Within its product line, the Mansfield RIO 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.

Please call the team now for more information or to receive a quote on the Mansfield RIO Mortgage.

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.

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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.

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