Mansfield Building Society - News News

Make the Most of Tax Free Savings

01/03/2010 10:39:00

Mansfield Building Society product manager Pete 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 £10,200 from 6 April 2010 for all ISA savers, having already increased for savers aged over 50 from 6 October 2009.

Pete Doherty says "The overall annual ISA subscription limit increased to £10,200 for savers aged over 50 from 6 October 2009 and from 6 April 2010, 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 £5,100 of the increased allowance can be saved in a cash ISA with one provider. The remainder of the £10,200 can be invested in a stocks and shares ISA with either the same or a different provider, or, if preferred, the full £10,200 can be invested in a stocks and shares ISA with one provider".

"The Mansfield has a choice of both a Variable Rate Cash ISA and a Fixed Rate Cash ISA and further information and terms and conditions are available in our products section".

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Disability Nottinghamshire

10/02/2010 04:11:00

Disability Nottinghamshire has been awarded a grant from The Mansfield Building Society’s community support scheme to help with the cost of erecting new signage outside newly acquired premises on Rosemary Street, Mansfield.

The signage will help to promote the venue which will be used for meetings and events. The facility will also be available for use by other local community groups.

Disability Nottinghamshire (formerly known as Dial Mansfield and District) offers advice, information and support to disabled people, their families, friends, carers, and professionals on any aspect of disability. They also run funded projects across Nottinghamshire such as community support, tribunals and appeals and disability awareness.

Commenting on the grant, Senior Welfare & Benefits Advisor Gary Baird said "We are extremely grateful to The Mansfield Building Society. The acquisition of this property provides an important resource for Disability Nottinghamshire and the new signage provides an increased awareness of the work that we undertake in the Nottinghamshire area."

Mansfield Building Society product manager said "We are delighted to help. Disability Nottinghamshire provides invaluable support to disabled people and their families, so the higher their profile, the more people are likely to benefit from their activities."

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Message from Chief Executive re standard variable mortgage rate

10/02/2010 04:08:00

Our standard variable mortgage rate will increase from 5.24% to 5.59% from 4 January 2010 for new borrowers and from 11 January 2010 for existing borrowers.

The decision to increase our standard variable rate has not been taken lightly because we fully appreciate that current economic conditions continue to impose unwelcome financial constraints on all our borrowers. However, events in the economy over which we have no control have left us with no alternative.

These events include having to compete for mortgage and savings business with those financial institutions subsidised by taxpayers. A recent additional cost that we must also take into account is the requirement to comply with the Financial Services Authority's tighter regulatory requirements introduced as a direct consequence of the financial crisis. These will almost certainly include significant further contributions arising from our Financial Services Compensation Scheme (FSCS) obligation which has already cost the Society in the region of £470,000. I am pleased to be able to tell you that even after these events the Society is strong and well positioned for the future.

Throughout this period of financial instability we worked hard at balancing the expectations of borrowers and savers in a fair and mutual way. We will continue to do this as we confront the many challenges that undoubtedly still lie ahead before market conditions stabilise. If interest rates begin to rise in 2010, as some economists are predicting, we will take this standard variable rate increase into account when we discuss any future changes to the standard variable mortgage rate.

As ever, I urge any borrowers experiencing or anticipating difficulties in maintaining mortgage repayments to contact us without delay on 01623 676340. This will enable us to discuss individual circumstances and agree a way forward.

Thank you for your continued support.

Nigel Quinton, Chief Executive

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Exclusive Shared Ownership Initiative with South Yorkshire Housing Association

10/02/2010 04:07:00

We are delighted to announce the launch of an exclusive shared ownership initiative in association with South Yorkshire Housing Association (SYHA).

Purchasers of SYHA properties on the shared ownership scheme will initially own up to 60% of the property with rent paid to SYHA on the remaining balance. Buyers can borrow up to 100% of the amount to cover their share of the purchase price.

Applications for specially designed fixed rate or discounted rate mortgage products are channelled through South Yorkshire Housing Association subsidiary company Crucible Homes Ltd via our subsidiary company MB Simply Mortgages.

For further information about this shared ownership initiative and available properties, please contact:

Crucible Homes Ltd, 43-47 Wellington Street, Sheffield, S1 4HF.

Telephone 0114 2900 270.

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The Mansfield Building Society wins highly prestigious award

28/07/2009 06:00:00

We are delighted to announce that The Mansfield Building Society has been presented with What Mortgage magazine's highly prestigious "Best Local Building Society" award for 2009.

In making the award, a panel of independent and respected industry experts examined all aspects of our mortgage products including interest rates, arrangement fees, early repayment charges, loan to values, distribution channels etc. The presentation was made at a ceremony held in the centre of London during which the judges made special reference to the Society's ability to recognise the needs and requriements of customers and respond accordingly.

Chief Executive Nigel Quinton says "Obtaining this award is a fabulous achievement which recognises the hard work and efforts of all our staff. Throughout the year we have marketed a range of discounted and fixed rate mortgage products - a number of which have also featured in national "best buy" tables. Our Community First Time Buyer Scheme offering a fixed interest rate of 5.49% for the first 3 years is available up to a maximum loan to value of 90% and this has been particularly well received locally. This addition to our product portfolio illustrates our commitment to our heartland community in this challenging market which has seen some lenders withdraw entirely from the first time buyer market. We will continue to work at providing a competitive and comprehensive portfolio of products for the benefit of all our customers.

"What's more we actively encourage borrowers to come to see us as soon as they feel they are experiencing problems with repayments on their mortgage. Being proactive in this way has resulted in the Society making just one repossession in the last 5 years which further strengthens our position as a responsible lender."

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