Archived News

For the benefit of private landlords, we have cut the interest rate on our 2 year discounted buy to let product by 0.20% and introduced a number of fixed rate alternatives.

The 2 year discounted product now offers an initial variable payable rate of 3.79% subject to a non-refundable application fee of £199 and a completion fee of £800 which is added to the loan amount in all cases.

A 2 year fixed rate option is also available at 3.43% with the same application fee and a 2% completion fee. 3 year fixed rate options are available from 3.75%.  All buy to let products are available throughout England and Wales for new mortgages or remortgages up to a maximum loan to value of 70%.

For more information click here

Hot on the heels of cuts in Buy to Let rates, we have reduced prices on a range of 2 and 3 year discounted products for residential owner occupiers.

The changes mean that we offer a choice of 2 year discounted products from 2.80% for loans of up to 75% loan to value with a £199 application fee and completion fee of £799 and 3 year deals from 2.93%, again to 75% loan to value, with identical fees. The new products are available for both mortgages and remortgages.

We have also reduced the pricing on our 80% loan to value discounted rate mortgages with a payable rate of 2.89% for 2 years and 2.99% for 3 years. Application fees of £199 and completion fees of £799 apply.

For more information click here

The Funding for Lending Scheme (FLS) was launched by the Bank of England and HM Treasury in July 2012. The Scheme is designed to boost lending from banks and building societies and, at the same time, make a positive impact on the housing market.

Here, The Mansfield Building Society’s chief executive Gev Lynott tells us briefly how the scheme operates and explains what action The Mansfield is taking to stimulate activity in the mortgage market, including the somewhat neglected sector of higher loan to value mortgages.

Gev says "The idea behind the Funding for Lending Scheme is that the Bank of England provides lenders with relatively cheap funding until 2017, and the lenders then use the money to increase their lending to individuals and businesses. In return, lenders provide the Bank of England with security in the form of what is known as a "collateral swap". This sounds like a complicated arrangement but in actual fact it is a fairly straightforward financial arrangement. With more loans available at cheaper rates, lenders expect to attract potential borrowers who would otherwise be put off by having to pay a higher rate".

Gev says the Scheme initially favoured larger lenders because most had already set up collateral arrangements with the Bank of England which meant that no new special access arrangements were required. However, the Scheme has now become a more attractive proposition to smaller lenders and The Mansfield will be looking to take full advantage.

Gev would prefer to see the extra funding also being passed on to borrowers at the 75% - 95% loan to value levels to stimulate mortgage demand across the board and adds "So far, a lot of the cheap FLS money is being directed towards borrowers who are in the fortunate position of either having a sizeable deposit or a substantial amount of equity in their home. This means that borrowers with deposits of 40% or more have been getting most of the benefit with little assistance going towards first time buyers or the many borrowers who are struggling to provide a deposit of more than 25%.

"The Mansfield is keen to lend and has been throughout the recent financial downturn. We work hard to support niche markets that are sometimes ignored by larger lenders and, unlike some of the bigger lenders, we are currently offering well priced products up to maximum loan to value of 95% as well as mortgages at lower loan to values. This means that The Mansfield is an ideal starting point for those who are thinking about buying a house but are undecided about what to do or where to go. We offer a range of affordable mortgage solutions on both fixed and discounted rates. Borrowers looking to keep repayment costs down can also take advantage of our FirstBuy mortgage where an equity loan of up to 20% of the cost of a new house is paid for by the Government and house builder on selected new housing developments. For those wanting to part rent/part buy we have teamed up with several mortgage intermediaries and housing associations to offer a shared ownership mortgage so that borrowers can gradually increase their ownership and mortgage repayments over time".

Gev concludes "I call upon other lenders to share out the benefits of cheaper FLS funding across a broader range of borrowing needs and to go beyond the 60% loan to value threshold".

Jamie Walker is a 29 year old airline pilot who decided that 2012 was the perfect time to buy his first home. Whilst the nature of his job means that he spends time away from home, Jamie had reached the point in life when living with parents was no longer the preferred option!

Searching for the right place to live and, just as importantly, the right mortgage took a little time but Jamie was delighted to find the answers to both questions on his doorstep. He says "I did a lot of shopping around and searched the web for many hours but it was worth all the effort because I now live in my ideal home in a small village about 8 miles from Mansfield, financed with the help of a Mansfield Building Society first time buyer mortgage."

Jamie says he has no hesitation in recommending The Mansfield to anyone thinking about buying. He explains, "I knew that The Mansfield was one of the town’s success stories and had won a couple of prestigious national awards. I’d also heard about their reputation for providing affordable mortgage solutions so I was really keen to speak to them. Mortgage adviser Debbie Sykes took me under her wing so’s to speak and she could not have been more helpful or knowledgeable about what, for me, was a completely new experience!

"Life’s good at the moment. I’m now busy persuading my brother to do much the same thing because that means I can benefit from The Mansfield’s "family and friends scheme" when I get £200 from introducing a new borrower!"

Debbie and her sales team colleagues can be contacted on 01623 676360 to discuss any aspect of the Society’s mortgage products and services.

As part of our Work in the Community initiative, a team of enthusiastic members of staff went along to Yeoman Park School Mansfield Woodhouse to carry out general gardening duties and tidy the flower beds.  The school caters for children with special educational needs resulting from a range of severe, complex and profound learning difficulties or autistic spectrum disorders.

A great time was had by all and the work enables the pupils to enjoy the fresh air in a completely safe environment.

At the beginning of July we took time out to support the Mansfield Fun Run which involved over 1,000 local runners of all ages and abilities who were keen to don their running shoes either just for the fun of it or to raise money for local deserving causes. A competition was held on the stand during the morning and the winner collected her £50 worth of gift vouchers during the following week.

It’s great to get out and about to meet local people and our co-sponsorship of the event provided the ideal opportunity. A great time was had by all!

Please click here for more details.

The Mansfield Building Society and Legal & General have announced a new protection business partnership.

The Mansfield's dedicated team of mortgage specialists will now provide Legal & General's range of mortgage protection cover. The Legal & General Group, established in 1836, is one of the UK’s leading financial services companies.

Gev Lynott, Chief Executive Mansfield Building Society said "We are delighted to welcome Legal & General as a new business partner. We are proud of the service quality we aim to provide to customers and wanted a provider to give our customers well priced protection cover with strong product features coupled with excellent customer service. We are looking forward to working with Legal & General."

Chris Last, Managing Director, Legal & General Bank & Building Society Distribution said "I am delighted to announce this new partnership with The Mansfield Building Society. We work very closely with many building societies and understand their needs when it comes to financial services. Our success in securing this new relationship is testament to the strength of our brand in the protection market and our proven partnership credentials."

The latest additions to our savings portfolio include two accounts designed especially for young savers.

A Young Regular Saver account pays a variable interest rate of 3% AER/Gross* and is available for savers aged 17 or under. Accounts can be opened with a minimum of £1 and subsequent monthly investments can vary between £1 and £500.

A separate Young Saver account has also been introduced offering a variable rate of 2.50% AER/Gross*. Unlike the Young Regular Savings account, there is no requirement to invest on a monthly basis.

Please click here for full details.

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.  The Gross rate is the contractual rate of interest payable before the deduction of income tax.

We are one of a small number of banks and building societies to enter the new Junior ISA market by launching a cash version of the children's tax free savings account which are available from 1 November 2011.

A Junior ISA (JISA) is available to all eligible children aged under 18 who do not have a Child Trust Fund.  They are a new type of savings account for children because 'adult' ISAs, which have been around for many years, are only available to savers aged 16 and over.

There are two types of JISA - a cash JISA and a stocks and shares JISA and all income and gains are exempt from UK income tax and capital gains tax.  Eligible children can receive contributions of up to £3,600 into their JISA in the tax years 2011/12 and 2012/13.  If the child has both a cash and a stocks and shares ISA, the contribution limit operates across them both.  This means that a total of £3,600 of contributions each year is permitted into both accounts combined in the 2011/12 and 2012/13 tax years.

For more information click here

We are delighted to announce that Gev Lynott has been appointed chief executive to replace Nigel Quinton who has left the Society to take over as chief executive at the Furness Building Society.

Gev is a qualified accountant and is married with 3 children and brings a wealth of experience in the financial services sector.  He was previously financial services director at Asda, executive director at Marks and Spencer and held senior positions with National & Provincial Building Society.

Please see the Chief Executive's Blog section of the website for more details.

Government Housing Minister Grant Shapps has recently been in the news for suggesting that so called Mates Mortgages might provide a solution for potential house purchasers who cannot afford to buy their own home.

These so called Mates Mortgages are where a number of friends combine forces to collectively obtain a mortgage and purchase a property for their own occupation.

Here at The Mansfield we have accepted these types of mortgages before, so the idea is by no means new – it’s just that they now have a new name and a different promotional emphasis.  We are happy to consider applications from up to a maximum of 4 applicants which means that by pooling savings and using the combined incomes, the friends can buy a house that might otherwise be beyond their financial reach.  “Rent a Room” schemes can also help by providing a source of additional income but this cannot be included in the affordability calculations.

For more information about Mates Mortgages or “Rent a Room” please contact our sales team on 01623 676345.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Chesterfield's young artists had an early chance to get themselves in Medieval Market mood at the end of term and win prizes for themselves and their schools in our Medieval Shield Design Competition.

Almost 300 pupils, aged from 7 to 11 took part in the Competition, giving the judges a tough task in selecting the eventual winners.

The Derbyshire Times ran the competition in its Kids' Spot section and Deputy Editor, Phil Bramley, also helped with the judging along with our Chesterfield Branch Manager, Tara Nicholson.  We were delighted with the response to the Competition and amazed at the talent and imagination displayed in the entries.  Many of the entries will remain on display in our Chesterfield branch until 3 August and we have already had some wonderful feedback from customers.

Winner of the 7 and under age group was Anna Marshall (St Mary's Catholic Primary School).  Isabel Madin (Walton Holymoorside Primary School) won the 8-11 age group.  Both girls collected £100 for themselves and £100 for their schools.

Runners-up were Amy Platts (Deer Park Primary School) and Corran Parsons (Renishaw Primary School) who both won £50.00.

Our community support scheme is open to a diverse group of people involved in improving the quality of life in Nottinghamshire and Derbyshire and we are once again inviting applications from those in need of financial assistance.

The scheme is specifically targeted at groups involved in sport, the arts, education and youth development, environmental issues and those helping the elderly or disadvantaged.

We have already awarded approximately £5,000 this year along and we are keen to encourage additional applications ahead of our next community support panel meeting in November for which we have budgeted another £5,000. We know that financial help can be difficult to come by in these economically challenging times but we want to do everything we can to help local initiatives that improve quality of life in our heartland.

Awards typically range from £100-£500 and applications are considered by a panel which includes independent membership.

For a leaflet please click here

For an application form please click here.

Nearly 800 runners took part in the Mansfield Half Marathon on Sunday 26 June. We sponsored the event for the 30th year.

On a glorious sunny morning with temperatures peaking at 26 degrees there was a carnival atmosphere with thousands of spectators lining the course.

The Mens Mansfield Half Marathon winner was Mark Powell of Tipton Harriers in a time of 1 hour 12 minutes and 43 seconds and the Ladies winner was Christine Howard of Matlock AC in a time of 1 hour 26 minutes and 26 seconds.

The winners are pictured above receiving their prizes from Nigel Quinton, Chief Executive of The Mansfield Building Society. Also pictured is Wendy Russel who was the winner of The Mansfield Building Society competition on the day to win an ipod nano for being the closest guess to the combined winning times of the 2 winners.

Staff jogged themselves to a standstill by joining in the Race for Life event held in the middle of June. Race for Life raises millions of pounds every year to help Cancer Research UK with their groundbreaking research.

This year's event took place in the picturesque surroundings of Clumber Park and featured 7 members of staff who raised a total of £385.

Team organiser Mandy Whitten said "It was a wonderful experience and everyone entered into the spirit of the occasion. The support and encouragement along the route made things a lot easier and we have already started planning for next year's event."

Funds at the John Eastwood Hospice in Sutton-in-Ashfield and Ashgate Hospice in Chesterfield are set to receive a boost following the introduction of two new separate affinity savings accounts into our savings portfolio.

In addition to offering savers a tiered interest rate and withdrawals without notice or loss of interest, the hospices will benefit through The Society making an annual donation equivalent to 1% of the average month end balances in the affinity accounts in the 6 months prior to 31 December each year. The donations will be paid to the hospices in March each year.

Product Manager Pete Doherty says "It is important for potential savers to understand that it is The Society making the donation not the saver. Affinity account savers decide at the outset which hospice will benefit and in return they receive the benefit of interest rates and terms and conditions that are identical to our very popular Prime Access account. This means that they will not be disadvantaged in any way by payment of the donation. We know from our discussions with the hospices just how much they appreciate the introduction of the new accounts. As an extension of our community support activities it seemed natural to ask them about how we could help – both have excellent reputations and are renowned for their standard of care and compassion."

Ashgate Hospice also benefited as a result of the Society donating 10p for every qualifying vote received from members ahead of the 2011 Annual General Meeting which raised a total of £350.

Full details of the new accounts are available from the hospices or any branch of The Mansfield Building Society.

Mansfield Building Society product manager Peter Doherty says that even in this low interest rate environment, savers should still make full use of the annual ISA subscription limit which increases to £10,680 from 6 April 2011 for all ISA savers.

Pete Doherty says "The increased limit applies to anyone who is entitled to subscribe to an ISA.  This is terrific news for savers because all income from ISA's is completely free from income tax and capital gains tax.

"Up to £5,340 of the increased allowance can be saved in a cash ISA with one provider.  The remainder of the £10,680 can be invested in a Stocks and Shares ISA with either the same or a different provider, or if preferred, the full £10,680 can be invested in a Stocks and Shares ISA with one provider".

As Pete explains however, savers need to be mindful of the strict rules that apply to ISAs:

"There is evidence to suggest that some people are choosing to withdraw savings from cash ISAs in the current low interest rate environment.  Before doing so however, it is vital for savers to understand that the subscription limit applies only to the amount subscribed, and the amount subscribed is not reduced if an investor makes a subsequent withdrawal.  This means that savers cannot re-invest savings that have previously been withdrawn if the re-investment breaches the annual subscription limit.

"Savers can easily overlook this fact and if they do it can seriously affect their capability to take full advantage of the limits that apply to tax free savings.

"Because of the tax free nature of ISAs, HM Revenue & Customs apply strict subscription limits and rules in each tax year which means that savers could be in for some unwelcome news if they intentionally, or unintentionally breach the limits.  If anyone is in any doubt at all about the strict ISA rules, they should contact their ISA manager for more information".

Debdale Ladies FC have received an award from our Community Support Scheme towards the cost of providing training facilities at the Manor Sports recreational facility in Mansfield Woodhouse.

Team Manager John Hayes received the award from product manager Pete Doherty and said "We would like to thank the Society for their help.  Ladies football is classed as a minority sport and the donation will help to keep our girls aged 15 to 18 involved in the sport they love".

Pete Doherty said "We were very pleased to help.  Whilst ladies football is a minority sport, the award will be put to very good use for the benefit of local young ladies",

Pictured above: Debdale Ladies FC along with club chairman Stuart Lebeter, product manager Pete Doherty and team manager John Hayes.

The Financial Services Compensation Scheme for deposits increased from 1 January 2011 following European legislation.

The Mansfield Building Society's chief executive Nigel Quinton explains what the new increse limit means for savers:

Nigel says "So far as The Mansfield Building Society is concerned, investor protection and member interests continue to be of paramount importance and I am proud to say that my Society is financially strong and coping very well with the demans of a challenging market.  We also have the capital strength and quality of mortgage book to be confident about the future".

Nigel explains however why customers of all banks and building societies should take added comfort from the increased limit, particularly those with higher savings balances.  He continues "The Financial Services Compensation Scheme was set up by law as a free, independent service for consumers who have lost money dealing with an authorised financial services firm that is unable, or likely to be unable, to pay claims against it.

"To qualify for compensation, consumers must be eligible under the rules of the Financial Services Compensation Scheme, which are made by the Financial Services Authority.  These rules set out which types of claim are eligible for compensation, and limit how much compensation the scheme is allowed to pay.  The Financial Services Compensation Scheme covers deposits, insurance, insurance broking, investments, mortgage advice and mortgage arranging - different compensation limits apply to each type of business.

"Deposits made by private individuals and small businesses to any authorised firms are covered by the scheme.  Depositors may still receive a share of their savings above the compensation limit following any distribution of assets as part of the insolvency process for a failed institution or as has happened in the recent events - if the Government decides to fully compensate deposits.

"Prior to 1 January 2011, payments under the scheme were limited to a maximum of 100% for the first £50,000 of an investor's total shares or deposits in a bank or building society".

On 1 January 2011, the limit increased which is excellent news for savers with higher balances. Nigel explains "The limit increased following European legislation to the sterling equivalent of 100% of the first €100,000 per person per authorised firm.  The sterling equivalent of €100,000 is currently £85,000.  For joint account each account holder is treated as having a claim in respect of their share so, for a joint acocunt held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each, making a total of £170,000.  The new £85,000 limit relates to the combined amount in all the depositor's accounts with a bank or building society, including their share of any joint account, and not to each separate account.  Most investors are covered, including individuals and small firms.

"The new limit is obviously good news for all savers particularly those with higher balances because it has increased the amount of protection available under the scheme".

The Mansfield Music and Drama Festival is safe for another year thanks to a Community Support Scheme award from The Mansfield Building Society.  The festival is run entirely by volunteers and organises classes in every aspect of music and drama, for groups and individuals of all ages.

The festival commences on 2 April at Mansfield Palace Theatre and involves people of all ages who are given an opportunity to perform before an audience and professional adjudicators.

Festival chairman Paul Bacon said "The award safeguards the event for another year.  We are very grateful to Mansfield Building Society for their continued support particularly in these cost conscious times when everyone is tightening their belts".

Mansfield Building Society product manager said "The Community Support Panel are well aware of the personal development benefits for local people who take part and had no hesitation in approving the sponsorship request".

The Mansfield Building Society's sports and social committee have been busy over the last 12 months by raising over £2,300 for Macmillan Cancer Support.  The donation will be issued to provide support for local people affected by cancer.

Greg Woolley, fund raising manager for Nottinghamshire said "We are thrilled with the committee's fundraising activities because we rely on our supporters for 99% of our income.  We have set ourselves an ambitious target of helping everyone affected by cancer which would be impossible to achieve without this kind of support".

Sports and social committee chairperson Mandy Whitten said "There are very few families who remain unaffected by cancer and we were delighted to play our part in raising much needed funds".

We are delighted to announce that we have received the 'Community Contribution of the Year' award from local newspaper Chad as part of their Enterprise Awards for 2010 which recognise business excellence.

The judges' citation acknowledged just how much local deserving causes benefit from our Community Support Scheme.  The judges also took into account our Work in the Community Scheme where we encourage staff to get involved in helping local community focussed organisations.

The Mansfield Building Society has introduced state of the art bespoke workflow and document imaging technology to ensure that full and efficient use is made of staff resources regardless of their physical location.  After working closely with market leading IT suppliers Tieto and Hitec Laboratories throughout the development and testing process, the technology also substantially reduces reliance on paper-based systems, improves efficiency and benefits the environment.

Commenting on the introduction, Mansfield Building Society chief executive Nigel Quinton said "We needed a system that would allow us to move work around between departments and branches regardless of the physical location of a member of staff or customer.  We also wanted to remove the need for anyone to handle a piece of paper.  An obvious way to do this was through the introduction of a document management solution.

"Tieto and Hitec quickly embraced the Society’s challenge and immediately saw the potential in combining and developing their existing Mortgage and Savings Suite and Datastore software.  All documentation generated by the new software, including letters and documents, can be viewed on screen which dispenses with the need to produce and retain paper copies.  As a result, there has been a marked improvement in our customer response and processing times.

"During the course of installing and developing the system, we have already scanned in excess of 100,000 documents and a number of other building societies have asked to see the system at work with a view to following in our innovative footsteps".

The Mansfield Building Society's Sports and Social Committee was well represented in the recent 30th Great North Run held in Gateshead.

Committee member David Charlton enjoyed the experience of a lifetime by taking part to raise money for Macmillan Cancer Support.  David said "the event was billed as the world's biggest half marathon and over 40,000 runners actually took part in this year's race.  I've never experienced anything like it and the encouragement and support from locals lining the pavements was something extra special - a typical Geordie welcome!"

"The Sports and Social Committee have held various fund raising events throughout the year for Macmillan and when my race entry was accepted I had no hesitation in using the event to raise much needed additional funds".

Picture above: A happy but exhausted David Charlton with fellow competitor Clare Wileman at the end of the race.

For the second year in succession Mansfield Building Society has won What Mortgage Magazine's prestigious Best Local Building Society award.

What Mortgage received over 5,000 reader nominations in a variety of categories and the eventual winners were chosen by a panel of judges including What Mortgage editor Ben Wilkie and finance industry experts.

Commenting on the award, Mansfield Building Society's chief executive Nigel Quinton said "This is fabulous news.  We were delighted to receive the award in 2009 and to win it again  in the face of stiff competition from similar sized building societies is a real achievement.  The award recognises the hard work and enterprise of all my team.

"National recognition for the local building society is something that all of Mansfield and the surrounding area can be proud of.

"We remain fully committed to providing competitive mortgage and savings products designed to catch the eye both locally and nationally.  When we also take into account the support given locally through our Community Support Scheme, it is clear just how much our heartland benefits from the presence of an independent, mutual building society."

Finance director Darren Garner received the award at a special presentation ceremony held in Leicester Square, London.

Chief Exec Nigel Quinton celebrates the award along with Society staff
Cake made by staff member David Charlton (pictured far right)