Mansfield Building Society Business Savings & Loans

Mansfield Building Society is an independent mutual organisation offering buy-to-let and holiday let mortgages. 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 Deposit 40 Day Notice (1st issue)

Save £1,000+ at 0.20% AER/Gross. This is a variable account so the interest rate can change at any time. To withdraw you need to give 40 days’ notice in branch or by post. The maximum investment is £250,000.

Business Deposit 90 Day Notice (2nd issue)

Save £1,000+ at 0.35% AER/Gross. This is also a variable account and withdrawals can be made with 90 days’ notice. The maximum investment is £250,000.

Business Deposit 180 Day Notice (1st issue)

Save £1,000 at 0.5o% AER/Gross. The terms are exactly the same as Mansfield’s other savings accounts, except you have to give 180 days’ notice to withdraw.

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 70%, and most agreements have a £199 application fee and a £1,800 completion fee.

Holiday let mortgages

Mortgages specifically for self-catering holiday lets. This product has been temporarily withdrawn because of Coronavirus (as of 04/06/2020).

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 – 4.13/5 (based on 30 reviews)

Pros

• Range of mortgage products for businesses and private landlords.
• Legacy brand with a long history.

Cons

• Some negative reviews out there.
• No fixed rate savings.

Website: Mansfield Building Society Business Finance