Mansfield Building Society is an independent mutual organisation offering a range of banking products. Established in 1870 in Mansfield, Nottinghamshire, the Building Society offers savings and mortgage products for both personal and business customers and landlords. There are four branches throughout Nottinghamshire and Derbyshire.
Mansfield Building Society Business Banking
Business savings
Mansfield Building Society Business Finance
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. Terms range from 2 to 5 years with a max LTV of 75%, and most agreements have a £199 application fee and a completion fee of £1,300 to £1,800 or 1% depending on the product.
Holiday let mortgages
Mortgages specifically for self-catering holiday lets are available as well. There are two products offered which are a 3 or 5 year term with a maximum LTV of 70%. Both mortgages have an application fee of £199 and a completion fee of £1,300.
Mansfield Building Society Reviews and Ratings
Online reviews are written by both business and personal customers. Smart Money People reviews are very positive on the whole. Many mortgage customers think the service is helpful and efficient, however a few customers are unhappy with slow service and claim the rates aren’t competitive.
There are no online reviews on Trustpilot, Google, or Reviews.co.uk.
In response to the Coronavirus outbreak, Mansfield Building Society introduced no contact valuations for prospective mortgage applications in May 2020.
Trustpilot – no reviews
Google Reviews – no reviews
Reviews.co.uk – no reviews
Smart Money People – 4.59/5 (based on 169 reviews)
Pros
- Range of mortgage products for businesses and private landlords.
- A legacy brand with a long history.
Cons
- Some negative reviews out there.
- No business savings products are currently available.