Mansfield Building Society - News News

Calling all Businesses

01/02/2012 04:03:00

We have introduced a new savings account targeted specifically at the business community. The Business Deposit Maxi Account is available to sole traders, partnerships, corporate bodies and unincorporated businesses throughout the United Kingdom.

The tiered account pays a variable gross interest rate of up to 2.10%* depending on the balance of the account. Interest is usually paid "gross" without deduction of basic rate tax. A minimum investment of £500 is required up to a maximum of £500,000. Withdrawals are available on 30 days notice so savings are not tied up for a long period of time. It is ideal for putting cash to work and ring fencing periodic business expenses such as VAT, corporation tax or utility bill payments.

Savers can take added comfort from the fact that The Mansfield Building Society participates in the Financial Services Compensation Scheme.

For more information click here

*The gross rate is the contractual rate of interest payable before the deduction of income tax.

Support for Mansfield 2020 Business Awards

30/01/2012 08:26:00

We are delighted to announce that we will again be co-sponsors of the Mansfield 2020 Business Awards in 2012. Mansfield 2020 is a local business development and networking group and the awards have rapidly become an established date in the local business calendar by providing companies with the perfect opportunity to showcase their products and services.

Premium for Postal Savers

26/01/2012 10:40:00

Savers are being offered an extra incentive to save with the introduction of a new Postal Premium 4 (4th issue) savings account.

The account pays an attractive variable interest rate of 2.85% Gross/AER* which includes an introductory premium of 0.85% payable for the first 12 months. All transactions must be conducted by post. A notable feature is the fact that four withdrawals can be made in the first year without notice or loss of interest. After the first year, all withdrawals are available without notice or loss of interest.

Savers can initially invest a minimum of £1,000 up to a maximum of £400,000.

Our range of Postal Premium accounts have proved to be extremely popular with savers throughout the United Kingdom. This latest version rewards savers who require limited access to their savings during the first year and in return they receive the benefit of a higher rate of interest.

Potential savers can take added comfort from the fact that we participate in the Financial Services Compensation Scheme.

For more information click here

*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.

New Buy to Let Deals!

26/01/2012 04:17:00

In response to growing consumer demand for competitive Buy to Let products we have unveiled a range of new deals available up to a maximum loan to value of 70% throughout England and Wales.

This means that property investors have a choice of discounted or fixed rate deals for either house purchase or remortgage up to a maximum loan amount of £300,000. The products are available either direct from the Society or via the professional intermediary market.

Our buy to let products are available to existing property investors or those who are thinking of entering the buy to let market for the first time. Arrangement fees of less than £1,000 are a particularly attractive feature. We know that market conditions are challenging at the moment and this is reflected by the fact that there are some property bargains around. This means that an increasing number of potential investors are starting to look at the property market for the first time.

For more information click here

New Childrens Accounts launched

22/12/2011 06:35:00

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 see the 'savings products' section of the website 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.

Community Support Scheme awards 2011

22/12/2011 06:16:00

Our Community Support Scheme panel met in November and agreed to distribute approximately £5,000 in total to 23 deserving local organisations involved in improving the quality of life in our main operating area. This means that approximately £10,000 has been distributed in 2011 to a total of 44 worthy causes.

The next Community Support Scheme award panel meeting is due to take place in May 2012 and additional applications are invited. Please see the 'Community' section of the website for details.

Stealing a March with a cash Junior ISA

04/11/2011 10:13:00

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

90% and 95% Mortgages Available Here!!

28/10/2011 05:32:00

Aspiring homeowners will be delighted to hear that we have introduced some cracking mortgage products available up to 90% and 95% loan to values.

In this challenging economic environment where the majority of competitive products can only be accessed by those with a substantial deposit or equity, we are anticipating a high demand.

For more information about all our mortgage products click here

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

3 Year Discounted Mortgage!

19/10/2011 05:10:00

The latest addition to our range of popular 3 year discounted mortgages is available up to 90% loan to value and a maximum loan amount of £200,000.

The product offers a discount of 1.40% off our standard variable mortgage rate of 5.59% for the first 3 years resulting in an initial payable rate of 4.19%. The overall cost for comparison is 5.4% APR. It is available either direct from the Society or from professional mortgage intermediaries for house purchase or remortgage.

The product features include a competitive arrangement fee of £599. With the incentive of the cost of a basic valuation fee being refunded on completion up to a maximum of £400 we are expecting a high demand for this product which is available on residential owner-occupied property throughout England and Wales.

There is a limited tranche of funds available so it is very much a case of first come, first served.

Click here for more details.

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

New Chief Executive Appointed

23/09/2011 09:42:00

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.

New 1 Year Variable Rate Savings Bond Launched

26/08/2011 06:23:00

We have extended our savings portfolio by introducing a new limited edition 1 year variable rate bond (4th issue) paying 2.80% Gross/AER. Savers can initially invest £500 to £400,000. Additional investments are permitted for as long as the issue remains open to new investors. An additional attractive feature is the fact that the account can be closed before the end of the fixed term subject to the loss of 90 days interest calculated on the closing balance.

For more information click here

All for One and One for All!!

26/08/2011 05:59:00

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.

Young Artists Scoop Society's Prizes

26/08/2011 05:54:00

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.

2 Year Fixed Rate Savings e-Bond launched

26/08/2011 05:53:00

We are delighted to announce that we have launched our first internet account with the introduction of a limited edition two year fixed rate e-bond available exclusively for online customers.

The new bond offers an attractive interest rate of 3.55% Gross/AER* subject to a minimum investment of £5,000 up to a maximum of £200,000. Withdrawals or early closure are not permitted during the fixed rate period. Additional investments may be made into separate e-bonds as long as the issue remains available to new investors.

This new e-bond is designed specifically for savers who appreciate the speed and convenience of online savings in addition to an attractive interest rate. This is an exciting development and savers can be confident that our state of the art technology will be backed up by our traditional values and the same award winning service.

For more information click here

*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.

New Two Year Fixed Rate Mortgage Deal

29/07/2011 05:01:00

We are pleased to announce the launch of a new two year fixed rate mortgage product.

The interest rate is fixed at an attractive 2.79% for the first two years reverting to our standard variable interest rate at the end of the fixed rate period - currently 5.59%. The overall cost for comparison is 5.3% APR. The product is available either direct from us or from the professional intermediary market for house purchase or remortgage up to a maximum loan amount of £300,000 and 75% loan to value, inclusive of a £1,499 arrangement fee.

With the added incentive of the basic valuation fee being refunded up to a maximum of £400, we are anticipating a high demand. It is available to potential house buyers and those already on the property ladder who are looking for a keenly priced two year deal.

For more information click here

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

Five Star 'Fee Free' Remortgage Product

29/07/2011 04:58:00

The latest version of our popular 3 year discounted remortgage product has received a valued 5 star accreditation from independent financial analysts Moneyfacts.

The product offers a discount of 2.30% off the Society's standard variable mortgage rate for the first 3 years resulting in an initial payable rate of 3.29%. The overall cost for comparison is 5.1% APR. The product is available either direct from the Society or from professional mortgage intermediaries for remortgages only up to 80% loan to value and a maximum loan of £300,000.

Pete Doherty, product manager says "With the added incentive of no arrangement fees and free legal fees via our nominated solicitor we are expecting a high demand for this product which is available on residential owner-occuped property throughout England and Wales.

"There is a limited tranche of funds available on this 5 star product so it is very much a case of first come, first served."

For more information click here.

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

Premium for Postal Savers

26/07/2011 05:15:00

We are offering savers an extra incentive to save with the introduction of our new Postal Premium 4 (1st issue) savings account.

The account pays a variable interest rate of 2.75% Gross/AER including an introductory premium of 1% for the first 12 months and is available exclusively by post. A notable feature is the fact that four withdrawals can be made in the first year without notice or loss of interest.

Savers can initially invest a minimum of £1,000 up to a maximum of £400,000.

The Postal Premium 4 account rewards savers who only need limited access to their savings during the first year and in return they will receive the benefit of a higher rate of interest.

For more information click here.

New Two Year Fixed Rate Mortgage Deal

15/07/2011 09:04:00

We are pleased to announce the launch of a new two year fixed rate mortgage product.

The interest rate is fixed at an attractive 2.95% for the first two years reverting to our standard variable interest rate, currently 5.59%. The overall cost for comparison is 5.3% APR. The product is available either direct from us or from the professional intermediary market for house purchase or remortgage up to a maximum loan amount of £300,000 and 75% loan to value, inclusive of a £999 arrangement fee.

With the added incentive of the basic valuation fee being refunded up to a maximum of £400, we are anticipating high demand. It is available to potential house buyers and those already on the property ladder who are looking for a keenly priced two year deal.

For more information click here.

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

Help for Community Groups

13/07/2011 07:32:00

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.

Mansfield Half Marathon

13/07/2011 07:06:00

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.

Building Society Staff on the Run!

23/06/2011 12:12:00

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."

Cash Boost for Local Hospices!

16/05/2011 10:20:00

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.

Postal Premium (3rd issue) re-introduced!

16/05/2011 10:20:00

Savers are being offered an extra incentive to save with the re-introduction of our highly popular Postal Premium (3rd issue) savings account.

The account pays a competitive variable interest rate including an introductory premium of 1% for the first 12 months and is available exclusively by post. An attractive feature is the fact that one withdrawal can be made in the first year without notice or loss of interest. After the first year, all withdrawals are available without notice or loss of interest.

Savers can initially invest a minimum of £1,000 up to a maximum of £400,000.

For full details click here

Mutuality in Motion

05/05/2011 09:25:00

Our 141st Annual General Meeting was held on Thursday 28 April during the course of which chief executive Nigel Quinton told members that the Board remains fully committed to The Mansfield remaining an independent, mutual building society. Nigel went on to say that the Society is coping very well with the stresses of the continuing global economic crisis which has seen some other societies merging with larger and financially stronger competitors.

It was reported that total share balances increased to £231.8 million in 2010 reflecting the continuing confidence that savers place in the building society movement. Mortgage lending was £39.9 million during the same period. Gross capital ratio increased from 7.25% to 7.59% and pre-tax profit for the Group of £0.42 million was in line with Board expectations.

Mutual credentials were highlighted by the fact that profit levels were kept at a realistic figure. Administrative expenses were also kept under tight control demonstrating that we did not profit unfairly in the challenging market conditions. These credentials are currently being reinforced by the fact that we have re-entered the 90% loan to value mortgage market thereby providing much needed support for potential house purchasers with a 10% deposit.

Chairmain Nigel Carnall informed members that Nigel Quinton will be leaving later in the year to take over the helm of a larger building society. Commenting on his forthcoming departure Nigel said "When I was appointed chief executive I was extremely fortunate to take the reigns of a well run, financially strong society with a vastly experienced management team which will still be the case when I leave. I have thoroughly enjoyed my time here and will continue to do so until a new chief executive is appointed later in the year".

Make the Most of Tax Free Savings

03/05/2011 05:31:00

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".

2 Year Fixed Rate Mortgage Product Launched (product code DIX156)

03/05/2011 05:30:00

We have extended our mortgage portfolio through the introduction of a new 2 year fixed rate product with an interest rate fixed at a very competitive 3.39% for the first 2 years. The interest rate reverts to our standard variable rate at the end of the fixed rate period - currently 5.59%. The overall cost for comparison is 5.4% APR. This product is available either direct from us or the professional intermediary market for house purchase or remortgage up to a maximum loan amount of £300,000 and 75% loan to value, inclusive of a £999 arrangement fee.

We are anticipating that this product will be extremely popular with potential house buyers and those already on the property ladder who are looking for a competitively priced 2 year product.

For further information please click here.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Debdale Ladies March On

06/04/2011 04:38:00

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.

Financial Services Compensation Scheme

21/02/2011 04:49:00

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".

Mansfield Music and Drama Festival

21/02/2011 04:48:00

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".

Cash for Macmillan

16/02/2011 12:25:00

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".

Another Award!!

10/12/2010 06:32:00

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.

Paperless Society

01/10/2010 11:42:00

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".

David Charlton on the Run!

28/09/2010 10:53:00

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.

It's Good to Talk

24/09/2010 06:08:00

The Mansfield Building Society has announced the latest in a series of member forums to be held at the Society's Principal Office in November.

The events provide the Society's management with invaluable feedback on a range of topical issues which is then used to develop and enhance the member experience.

Chief executive Nigel Quinton said "Our products and services are always evolving as we respond to changes in the financial markets. Part of this continuous process is speaking to our members to find out precisely what they expect from their local building society. We always welcome an exchange of views as we develop our business strategy and we have already adopted a number of recent recommendations made by members.

"Anyone interested in attending the next meeting should contact me personally for more information".

New Buy to Let Deal From the Mansfield

23/09/2010 10:39:00

The Mansfield Building Society has extended its mortgage portfolio by introducing a new Buy to Let product.

The Society's standard variable interest rate of 5.59% is discounted by 1.20% for the first two years and is subject to an arrangement fee of £999. The overall cost for comparison is 5.6%APR. The product is available throughout England and Wales for property purchase or remortgage up to a maximum of £300,000 and 65% loan to value inclusive of the arrangement fee.

Product manager Pete Doherty said "Buy to Let is a form of residential investment where you buy a property, usually with the aid of a mortgage, and rent it out. We are confident that the introduction of this competitive product will increase the appeal of owning a rental property. It is vital however that potential Buy to Let investors do their homework and carefully research the market. Owning investment property is not like owning your home home because you are effectively running a small business and have important legal responsibilities in relation to the tenant. However, investment property can still represent an attractive proposition, particularly in this low interest rate environment, where investment returns in general have reduced dramatically over the past couple of years.

For more information click here.

Mansfield Building Society in the Spotlight

20/09/2010 04:38:00

The Mansfield Building Society has been shortlisted for two more prestigious finance industry awards. Following success in being voted What Mortgage Magazine's 'Best Local Building Society' for 2010, the Society has been shortlisted in the Financial World Innovation Awards arranged by the Institute of Financial Services.

The awards aim to celebrate all that is excellent and innovative within the finance industry. They are aimed at rewarding high-level strategies that enhance value for customers and communities, and at recognising the efforts and successes of the project team who deliver real change within their institutions.

Commenting on the shortlistings, Mansfield Building Society chief executive Nigel Quinton said "This is fantastic news. It is always nice to receive national recognition particularly when we take into account that we are essentially a local building society with smaller resources than the national players.

"The shortlistings in 'Social Responsibility and Community Banking' and 'Innovation in Product Design' categories illustrate the benefits of a local society to the local community and also demonstrate that we compete very successfully on the national stage".

The winners will be announced at a prestigious award ceremony in Covent Garden, London in early December.

National Acclaim for Mansfield Building Society

24/08/2010 10:30:00

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)

Society ladies on the run

30/06/2010 08:03:00

The Mansfield Building Society was well represented at the recent Cancer Research UK Race for Life in Nottingham, with five members of staff completing the 5km course and raising £467.50 in sponsorship for the charity.

Taking part in the run, which was staged on the Victoria Embankment, in Nottingham, were Helen Nash, Rebecca Oliver, Mandy Whitten, Karen Malbon and Karen Porter.

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Society's Camera Winner

10/06/2010 11:44:00

Mansfield Building Society member, Mrs Elizabeth Smart got more than just news and information from the Society's latest newsletter - she also landed a state-of-the-art Sony digital camera!

Elizabeth was the lucky winner of a prize draw which was run in the newsletter Mutually Speaking, after answering a question about the newsletter content.

Her husband David visited The Mansfield's head office on Regent Street to collect her prize this week from Mandy Whitten.

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Members Vote for Macmillan Cancer Support

03/06/2010 10:11:00

Macmillan Cancer Support Group was voted a very worthy cause by Mansfield Building Society Members recently, with the charity being given an important place on the agenda at the Society's AGM.

The Mansfield agreed to donate 15p to the charity for every vote cast by its Members, and that generated £510.00.

The Mansfield Building Society are strong supporters of Macmillan Cancer Support, having made a similar pledge last year, and throughout 2009 the Sports and Social Committee's fundraising activities raised over £2,000 which was used to provide support to local people affected by cancer.

Pictured is Darren Garner, Finance Director, presenting a cheque to Elizabeth Edgerton of Macmillan Cancer Support.

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Make the Most of Tax Free Savings

07/04/2010 11:27:00

Mansfield Building Society product manager Pete Doherty says that even in this low interest rate environment, savers should still make full use of the increased annual ISA subscription limit of £10,200 in the 2010/11 tax year.

Pete Doherty says "The increased subscription limit 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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