At Mansfield Building Society we offer residential mortgage lending into retirement.
In assessing affordability, we will use 100% of the gross pension income for our calculations.
Joint borrowers will be assessed based on you being individually able to support the mortgage. Independent legal advice and a Lasting Power of Attorney may be recommended or required as a condition of the offer.
For those looking to borrow into retirement there is a lot to consider. The Building Societies Association have produced a helpful guide for older borrowers giving more information on the types of options available and what to consider.
For standard residential lending, the mortgage must be repaid before age 85 for both capital repayment and interest only mortgages. Where the mortgage is to be repaid between age 70 and age 85 we allow up to a maximum of 70% Loan to Value (LTV) for all repayment types.
Please find below a range of mortgage options for house purchase and remortgage up to 90% Loan to Value. You can compare more of our mortgages here or speak to a mortgage adviser who will be able to talk through your circumstances in more detail.
| Term | 2 years |
| Initial Rate1 | Currently 2.29% |
| Overall Cost For Comparison2 | 4.8% APRC |
| MAX LTV3 | 75% |
| Early Repayment Charge | 2% |
| Product Fees | £199 application fee, £300 completion fee |
A mortgage of £300,000.00 payable over 11 years initially on a variable rate, currently 2.29% for 2 years and then on our current standard variable rate of 5.35% for the remaining 9 years would require 23 monthly payments of £572.50 and 108 monthly payments of £1,337.53; plus one initial interest payment of £564.66
The total amount payable would be £459,089.40 made up of the loan amount, plus interest and fee(s) totalling £159,089.40. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£300) and Redemption Administration Fee (£125).
The overall cost for comparison is 4.8% APRC representative.
| Term | 2 years |
| Initial Rate1 | Currently 1.99% |
| Overall Cost For Comparison2 | 4.3% APRC |
| MAX LTV3 | 75% (70% for loans over £750,000 and under £1m) |
| Early Repayment Charge | 2% |
| Product Fees | £199 application fee, 0.50% completion fee |
A mortgage of £900,000.00 payable over 10 years initially on a variable rate, currently 1.99% for 2 years and then on our current standard variable rate of 5.35% for the remaining 8 years would require 23 monthly payments of £8,340.05 and 96 monthly payments of £9,487.19; plus one initial interest payment of £1,472.05
The total amount payable would be £1,110,316.44 made up of the loan amount, plus interest and fee(s) totalling £210,316.44. This includes Application Fee (£199), Chaps Fee (£25), Completion Fee (£4,500), Redemption Administration Fee (£125), Legal Fees (£255.00) and Valuation Fee (£1,149.00).
The overall cost for comparison is 4.3% APRC representative.
| Term | 2 years |
| Initial Rate1 | Currently 1.89% |
| Overall Cost For Comparison2 | 4.9% APRC |
| MAX LTV3 | 80% |
| Early Repayment Charge | 2% |
| Product Fees | £199 application fee, £300 completion fee |
A mortgage of £180,000.00 payable over 25 years initially on a variable rate, currently 1.89% for 2 years and then on our current standard variable rate of 5.35% for the remaining 23 years would require 23 monthly payments of £755.31 and 276 monthly payments of £1,065.39; plus one initial interest payment of £279.62
The total amount payable would be £312,603.39 made up of the loan amount, plus interest and fee(s) totalling £132,603.39. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£300) and Redemption Administration Fee (£125).
The overall cost for comparison is 4.9% APRC representative.
| Term | 2 years |
| Initial Rate1 | 2.39% |
| Overall Cost For Comparison2 | 5.1% APRC |
| MAX LTV3 | 80% |
| Early Repayment Charge | 2% |
| Product Fees | £199 application fee, £800 completion fee |
A mortgage of £160,000.00 payable over 40 years initially on a fixed rate of 2.39% for 2 years and then on our current standard variable rate of 5.35% for the remaining 38 years would require 23 monthly payments of £518.63 and 456 monthly payments of £797.26; plus one initial interest payment of £314.30
The total amount payable would be £377,197.35 made up of the loan amount, plus interest and fee(s) totalling £217,197.35. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£800) and Redemption Administration Fee (£125).
The overall cost for comparison is 5.1% APRC representative.
| Term | 3 years |
| Initial Rate1 | Currently 1.99% |
| Overall Cost For Comparison2 | 4.7% APRC |
| MAX LTV3 | 80% |
| Early Repayment Charge | 3% |
| Product Fees | £199 application fee, £300 completion fee |
A mortgage of £263,996.00 payable over 30 years initially on a variable rate, currently 1.99% for 3 years and then on our current standard variable rate of 5.35% for the remaining 27 years would require 35 monthly payments of £976.45 and 324 monthly payments of £1,428.63 plus one initial interest payment of £431.80.
The total amount payable would be £498,387.67 made up of the loan amount, plus interest and fee(s) totalling £234,391.67. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£300) and Redemption Administration Fee (£125).
The overall cost for comparison is 4.7% APRC representative.
Your home may be repossessed if you do not keep up repayments on your mortgage
Want to ask us a specific question? Enquire online here or phone us on 01623 676345
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