|Account Name||Family Assist Savings Account (1st issue)|
|What is the interest rate?||
Interest is calculated on the daily balance of the account.
Interest payable annually on 31 December and on closure
|Can Mansfield Building Society change the interest rate?||
No, the interest rate on this account is fixed whilst the Agreement is in place and cannot be changed.
|What would the estimated balance be after 84 months based on a £10,000 deposit?||
This projection is provided for illustrative purposes only and does not take into account your individual circumstances.
There is no fixed end date for this account, however funds can be released after 7 years subject to certain obligations being satisfied (see below). Funds can be released by the Society before 7 years if the mortgage account is closed subject to the Agreement conditions being met.
This projection therefore assumes that the account is opened on 1 January with a £10,000 deposit, that no further deposits or withdrawals are made during 84 months (i.e. 7 years) and the obligations under the Agreement are met. The projected balance is based on the annual rate.
|How do I open and manage my account?||
This account is only available to individuals who have entered into an Agreement with the Society to provide additional security in the form of a cash deposit (lien) as a condition of a Mortgage arranged with the Society by the Borrower(s).
To open an account you need to provide a completed application form, proof of your identity and address, a cheque for the initial deposit and a signed Family Assist Deposit Deed of Agreement (the Agreement).
Opening of this account must be completed at least 14 days prior to the completion of the Borrower’s Mortgage for which the savings form a guarantee.
This account can only be opened at the Society’s Head Office once an offer of a Family Assist Mortgage has been granted for the Borrower(s). You cannot manage your account in branch or through the post.
This account must be held in all the names of the individuals who are named as ‘Depositors’ in the Agreement and who are providing the Deposit.
The account must be operated on an “all to sign” basis. This means that if the account is in more than one name, all account holders must sign to effect any changes.
A minimum opening and maximum balance of 20% of the valuation of the property to be mortgaged is required.
Additional deposits are not allowed.
Confirmation of the deposit will be issued when the account is opened.
|Can I withdraw money?||
During the first 7 years of the Family Assist Mortgage there is a Legal Charge held by us over the Family Assist Savings Account, during which time you will be unable to access or make withdrawals even in an emergency. Please ensure that you take this into consideration before agreeing to link your savings to a Family Assist Mortgage. An independent legal adviser will be able to explain this further to you.
No withdrawals allowed. Closure of the account is only permitted where the Society has confirmed that all of the release obligations as stated in the Agreement and the Terms and Conditions for the Family Assist Savings Account have been satisfied.
For accounts held in joint names all signatures will be required for account closure.
Any requests for release from the Agreement must be signed by all account holders and must be made in writing to the Mortgage Customer Services Department, The Mansfield Building Society, Regent House, Regent Street, Mansfield, NG18 1SS.
The amount held in the account is charged as Additional Security and is limited to the amount of the charged deposit value stated in the Agreement and signed as a condition of the Borrowers’ Mortgage Offer.
We calculate interest on a sum deposited by cheque from and including the day after we receive it. We calculate interest on a sum withdrawn up to and including the day before withdrawal.
Interest is paid gross without tax deducted.
Interest can only be added to your account.
Additional Terms and Conditions applying to the Family Assist Savings Account.
1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.
2. The gross rate is the contractual rate of interest payable without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.
^Tax free means exempt from UK income and capital gains tax in the hands of the investor.
These account details apply to personal investors only unless stated in the detailed information.
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 21/08/2019 09:15:56 am
Page last updated: 04/07/2019 10:05:02 am
Page last updated: 04/07/2019 10:05:02 am