Mansfield Building Society Mortgages
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Mansfield Building Society Mortgages FAQ
Who are Mansfield Building Society?
The Mansfield Building Society was established in 1870 and has been serving its customers and members ever since.
The building society offers savings facilities and the opportunity for consumer borrowing with their mortgage provision. Mansfield Building Society aims to provide clarity and transparency in their mortgage offering.
As a mutual building society, they support the local community through sponsorship and charity engagement.
What type of mortgages does Mansfield Building society offer?
Mansfield Building Society mortgage options are available for an array of different buyers at various life stages:
- First time buyer mortgages
- Moving home mortgages
- Landlord buy-to-let mortgages
- Holiday let buy-to-let mortgages
- Interest only mortgages
- Shared ownership mortgages
- Family assist mortgages
- Retirement mortgages
- Existing borrowers moving mortgages
- Existing borrowers switching mortgages
What interest rates can I get on their mortgages?
Interest rates vary between different mortgage products. The interest rate you will be offered will depend on the mortgage product you apply for and your financial circumstances.
Interest rates on mortgages usually change at several points across their terms. The frequency of rate fluctuation is based on the type of mortgage you take out.
A fixed rate mortgage has a set period during which your interest rate won’t change - this is often two or five years, but it can be anywhere in between; it is sometimes as a high as 10 years.
Variable rate and tracker mortgages have a rate which can change at less specified times. There’s no initial period, because they follow interest rate guides. A variable mortgage follows the lender’s standard variable rate (SVR), while a tracker mortgage typically rises and falls with the Bank of England’s base rate – the rate the Bank of England charges banks for secured overnight lending. In other words, it’s the rate the central bank uses for setting monetary policy.
During booms, the Monetary Policy Committee raises rates to encourage higher saving; in times of bust, it slashes rates to cheapen the cost of borrowing, encourage higher spending and get the economy moving faster.
What is APRC and how does it help me compare mortgage costs?
Before the FCA issued new regulations, mortgage providers didn’t have to be transparent about the lifetime cost of mortgages. To counter this, the FCA made it mandatory for lenders to advertise a mortgage’s annual percentage rate change (APRC).
APRC allows consumers to compare the cost of mortgages over their entire term. It shows, as a percentage, the annual cost of a mortgage. It does this by combining all charges, calculating a percentage rate charge on the capital you borrow on the assumption that you keep a mortgage for its entire term without remortgaging.
Am I eligible for a mortgage?
Mansfield Building Society lending criteria will differ to other lenders criteria, as each lender has unique requirements.
However, most mortgage providers will require you to meet the following basic criteria:
- You have adequate income , either as a sole applicant or as joint borrowers
- You have a UK bank account
- You’re over the age of 18
You can check how much mortgage you might be able to get by using the Mansfield Building Society mortgage calculator, which you will find on each of their mortgage webpages.
What documents do I need to apply for a mortgage?
Below are the most common documents you’ll need during the application process of taking out a mortgage:
- Utility bills to demonstrate how much you spend monthly
- Details of any benefits you might receive
- P60 form (ask your employer)
- At least three month’s payslips (digital or paper versions)
- A form of identification, usually passport or driver’s license
- Bank statements from the last three to six months
- Statement of accounts if self-employed – usually two to three years
- SA302 tax return for self-employed and those with more than one income stream
Services offered by this provider may change over time. Always check Ts&Cs.
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Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE