Mansfield Building Society is an independent mutual society that was established in Mansfield in 1870. They have a small branch network in Nottinghamshire and Derbyshire. They offer a range of banking and finance products which includes savings and mortgage products for personal and business customers.
Mansfield Building Society Commercial Mortgage Options
Mansfield Building Society offers a range of mortgages that are suitable for landlords and holiday properties.
Buy-to-let mortgages
There are a variety of buy-to-let mortgage products available, including Standard, Limited Company, and Family, where a property is let to a close relative or spouse. They offer fixed rate and discounted variable rate buy to let mortgages for properties in England and Wales. Their range of buy to let mortgages can offer:
- Terms range from 2 to 5 years
- Maximum LTV of 75%
- Most agreements have a £199 application fee
- A completion fee of £1,300 to £1,800 or 1% depending on the product applies
- Minimum loan size of £50,000 for properties in Nottinghamshire, Derbyshire and South Yorkshire for existing members with one year’s membership, or £75,000 for all other circumstances
- Maximum loan size of £500,000 per property
- Rental income must be at least 125% of the monthly mortgage payment
Holiday let mortgages
They offer mortgages specifically for self-catering holiday lets in England and Wales of a minimum value of £150,000. There are two products offered which are:
- 3 or 5 year term
- A maximum LTV of 70%.
- An application fee of £199 and a completion fee of £1,300 apply.
- Minimum loan size of £50,000 for properties in Nottinghamshire, Derbyshire and South Yorkshire for existing members with one year’s membership, or £75,000 for all other circumstances
- Maximum loan size of £500,000 per property
Mansfield Building Society Commercial Mortgage Eligibility
Mansfield Building Society doesn’t provide any eligibility criteria for its commercial mortgage products.
Mansfield Building Society Commercial Mortgage Rates
Buy to let mortgages offer an initial rate between 2.29-3.85%.
Holiday let mortgages offer an initial rate of 3.19-3.85%.
Product fees apply to all products which include £199 application fee and £1,300-1,800 completion fee.
Mansfield Building Society Commercial Mortgage Calculator
Mansfield Building Society has a mortgage calculator on each of its mortgage pages.
Mansfield Building Society Commercial Mortgage Reviews
Mansfield Building Society doesn’t feature on many of the leading customer review sites as only Smart People Money has reviews on it. There are a substantial number of reviews that are highly positive for savings and mortgages. Comments included excellent customer service, efficient and professional, helpful and friendly staff, and competitive products.
Trustpilot – no reviews
Google Reviews – no reviews
Reviews.co.uk – no reviews
Review Centre – no reviews
Smart Money People – 4.48/5 (based on 311 reviews)
How To Apply For A Mansfield Building Society Commercial Mortgage?
If you want to apply for a mortgage from Mansfield Building Society you can call them on 01623 676345, you can request a call back, enquire online or visit one of their branches.
Pros
- Provides a range of buy to let and holiday let mortgages
- Positively rated in customer reviews
Cons
- Only offers mortgages for rental accommodation
- There is no eligibility criteria available