Mansfield Building Society

Mansfield Building Society is a mutual building society based in Nottinghamshire, best known for two things: savings accounts sold through a small branch network, by post and online, and mortgages that are assessed by hand rather than by a computer. It offers a range of savings accounts, from Cash ISAs and Regular Savers to Fixed Rate Bonds and Easy Access accounts, available online, in branch or by post¹. On the lending side it provides residential mortgages, remortgages, shared ownership, buy to let and holiday let mortgages, and it lends into retirement, but new mortgage applications come only through brokers and intermediaries³.

The society is small and regional. Its branches are in Mansfield, Sutton-in-Ashfield, Kirkby-in-Ashfield and Chesterfield, and its savings accounts are exclusively available to UK residents⁴. It is a member of the Building Societies Association⁶. Savings with it are covered by the Financial Services Compensation Scheme, although the society's own documents state two different limits, which this page explains below.

Savings accounts: easy access, fixed rate bonds, regular savers and Cash ISAs

Mansfield Building Society's savings range covers the main types most savers look for: Cash ISAs, Regular Savers, Fixed Rate Bonds and Easy Access accounts, along with more specialised products². Its Cash ISA accounts are available online, in branch or by post, and the society states that it only offers Cash ISAs, not stocks and shares ISAs or other ISA types¹⁰. You can hold only one Cash ISA with the society in the current tax year¹⁰. If you are weighing up whether an ISA is the right home for your money compared with an ordinary savings account, the tax rules are explained in our guide to ISAs, and the different account types in our guide to savings accounts.

Alongside personal savings, the society runs accounts for not-for-profit organisations. Its charity savings accounts are open to registered charities, voluntary and community groups, clubs, religious organisations and societies based in the wider Nottinghamshire and Derbyshire area, and deposits can be made by cheque or electronic transfer from the charity's own bank account¹². There is also a "Local and Loyal" range of seven products, including Community Saver accounts that support local charities through the society's Charitable Trust¹³. All savings products are subject to availability and may be withdrawn at any time, so the current range is best checked on the society's own website¹⁴.

The society does not publish its interest rates on this page, and rates on building society accounts change frequently. Its own site lists the current rates, minimum deposits and withdrawal rules for each account, and those figures should be checked there before you open anything.

New savers sign away windfalls for five years

One unusual feature of opening a savings account with Mansfield Building Society is the charitable assignment declaration. All new customers opening a savings account must sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation, and this applies for the first five years of membership¹⁵.

The reason is mutual ownership. Building societies are owned by their members, and if a society were ever to convert into a bank, members at the time could stand to receive windfall payments. Some past conversions paid substantial sums to members, which can encourage people to open accounts purely in the hope of a future windfall rather than to save. By requiring new savers to give away any such benefit for five years, the society removes that incentive and protects its mutual status. After five years of membership, the assignment no longer applies. It costs a saver nothing in normal circumstances, since it only bites if a conversion happens, and it does not affect interest, withdrawals or any other part of the account.

Mortgages only through a broker, with every application underwritten by hand

Mansfield Building Society does not take new mortgage applications from the public. For new mortgage enquiries, it accepts applications from mortgage brokers and intermediaries only³. If you are not a broker and are looking for a new mortgage, the society can pass your enquiry on to its partner, Mortgage 1st, which provides qualified mortgage advisers³. The society does not charge a fee for the referral, but it may receive a referral fee from Mortgage 1st, paid by Mortgage 1st and not by you, when a new mortgage completes or an insurance policy is taken out via Mortgage 1st¹⁶.

What distinguishes the society's lending is how applications are assessed. Every mortgage application is assessed on a case by case basis by its mortgage team, without the use of automated credit scoring systems¹⁷. This manual approach is the society's main pitch to borrowers whose circumstances a computer might reject: self-employed income, irregular earnings, lending into retirement or unusual properties. It does not guarantee acceptance, and all lending remains subject to the society's criteria. If you are new to the process generally, our guide to mortgages explains how applications, affordability checks and valuations work.

The range includes residential mortgages for first time buyers, with up to four people allowed on one application¹⁶, remortgages, and shared ownership mortgages on qualifying properties across England and Wales with pre-approved housing associations¹⁸. Existing borrowers coming to the end of their term have access to exclusive mortgages, and can either complete a Mortgage Product Transfer Authority Form with an independent broker or be introduced to Mortgage 1st for advice on product switches and additional borrowing¹⁹. Existing borrowers can also contact the society directly to discuss their mortgage³. Even online-only mortgage brokers involve human brokers at some point in the process, so the broker route is standard across the market, not unique to the society²⁰.

Holiday let and buy to let mortgages: who can apply

The society has a diverse range for buy to let landlords, including holiday lets and Family Buy to Let³. Its holiday let lending is available across England and Wales, up to 75% loan to value, with a maximum mortgage term of 40 years²¹.

The eligibility rules are specific. Applicants must be at least 25 years old, with a minimum income of £35,000, and landlords must also be owner-occupiers of a residential property²¹. The property must qualify as a Furnished Holiday Let under HM Revenue and Customs requirements, must be worth at least £200,000, and landlords can occupy it themselves for up to 60 days per year²¹. Affordability is assessed on a proportion of the annual average of low, mid and high season income, and the society can also take earned income or other personal wealth into consideration²². Excluded from lending are holiday parks or complexes, B&Bs, and properties subject to title, local or occupancy restrictions²¹.

There are further options for particular circumstances. Limited company holiday let mortgages are accepted for purchase or remortgage, subject to product availability, and the society can consider expat holiday let applications on specific products, with expat applicants also needing to meet the expat buy to let lending requirements²². The mortgage must be repaid before age 85²¹. Products can be fixed rate or discounted variable rate, on capital repayment or interest only, and once the initial rate term expires the mortgage reverts to the society's Standard Variable Rate or a follow-on rate that is a discount off it²¹.

Lending into retirement: age limits and pension income

Mansfield Building Society offers residential mortgage lending into retirement, and in assessing affordability it uses 100% of gross pension income for its calculations³. This is where its manual underwriting matters most: a lender relying purely on automated rules often caps lending at a set age, whereas a case by case assessment can look at the actual pension income.

The age limits depend on how the mortgage is repaid. For standard residential lending, the mortgage must be repaid before age 95 for capital repayment mortgages, and before age 85 for interest only mortgages²³. The society's interest only mortgages must be repaid before age 85²⁴. Lending into retirement is commonly used for capital raising for home improvements, consolidating debts subject to terms and conditions, gifting a loved one a deposit on a house, or extending the term into retirement to support affordability on a house purchase²³. As a condition of the offer, the society may recommend or require independent legal advice and a Lasting Power of Attorney²³.

This is ordinary mortgage lending, not equity release. A retirement mortgage still requires monthly payments, and as the Equity Release Council's consumer guidance puts it, "Your income (including pensions) must be high enough to cover the payments"²⁵. If a term runs past your expected retirement date, affordability has to be judged on retirement income, which is why pension income documentation is central to these applications. Our guides to pensions and mortgages cover the wider picture.

How to open a savings account and pay money in

Savings accounts are exclusively available to UK residents⁵. The society aims to process an application within 3 working days of receiving it¹⁴. It tries to verify your identity electronically first; if that is not possible, you need two forms of physical ID, one as proof of person and the other as proof of address¹⁴. After opening, you have a cooling off period: you may cancel within 14 days of the day the account is opened, or the day you receive the terms and conditions and other information on paper or electronically, whichever is later¹⁴.

There are several ways to pay money in:

• Cash: in branch only, and it is available for withdrawal immediately after receipt. Cash is not accepted by post, for security reasons⁴.
• Cheque: at any branch or by post, made payable to the account holder or, for an opening deposit, to Mansfield Building Society followed by your name. The central clearing cycle is three working days, withdrawals are allowed seven working days after a cheque is paid in, and interest is calculated from the day after receipt⁴.
• Electronic transfer: by standing order or CHAPS, using your 8-digit Mansfield Building Society account number as the reference. If the account number is not in the reference field, the payment will be returned. Money is available on the same day if received by 1pm⁴.
• Debit card: at any branch, up to a maximum of £5,000¹⁴.

Note that the society does not collect payments by Direct Debit⁴. For Cash ISAs, transfers in from another provider are credited to your account from the day the funds left your existing provider, so there is no loss of interest, and under HMRC guidelines the society has 15 days from receiving your request to complete the transfer¹⁴.

Banking with it: branches, post and Mansfield Online

The society offers its savings accounts through its branch network, by post and online¹. Its online savings portal is called Mansfield Online, and some accounts are available exclusively through it¹. Branches are located in Mansfield, Chesterfield, Sutton-in-Ashfield and Kirkby-in-Ashfield⁴.

For branch and postal payments you need to produce your passbook or provide your account number⁴. Withdrawals or closures require signed instructions along with the passbook, in branch or by post; an electronic transfer to an account outside the society may be agreed as an exception, with a charge applied²⁶. If you need to change your name or address, notifications must be in writing with evidence of the change, and the passbook must be presented⁴. If your passbook is lost or stolen, contact the society immediately in branch or on 01623 676350: no withdrawals are permitted until satisfactory evidence of identity is received and a replacement passbook is issued, at a cost of £10⁴.

Mortgage customers should note that the society is currently unable to provide access to view your mortgage online²⁷. Existing borrowers can still contact the society directly to discuss their mortgage, and remortgage advice can be given over the phone, via video call appointment or in one of the branches³.

Mortgage repayments, overpayments and early repayment charges

All of the society's mortgage products allow the facility to overpay²⁹. Your Mortgage Illustration, offer letter and mortgage statement give details of your overpayment allowance, and you may be charged an early repayment charge if you make an overpayment that is more than that allowance²⁷.

An early repayment charge is applied if, before the end of the early repayment charge period, you repay all or part of the loan, ask and the society agrees to a transfer of your loan to a new mortgage product, or repay before the date on the redemption statement²⁹. The charge will never be more than the maximum amount set out in your most recent Mortgage Offer and European Standardised Information Sheet (ESIS)²⁹. On a full redemption you might need to pay the early repayment charge and any other applicable fees²⁷.

There are two important mitigations. Any early repayment charge will be waived if a new consecutive mortgage for at least the amount outstanding at the time of redemption is taken out with the society, and any early repayment charge will be refunded if such a new mortgage is taken out within 3 months of full repayment³⁰. And borrowers on the society's Standard Variable Rate can leave or repay their mortgage without charge²¹.

If mortgage payments become hard to keep up

The society's standard warning applies: your home may be repossessed if you do not keep up repayments on your mortgage¹⁷. Where payments become difficult, the society says it can arrange a new payment plan with you, taking your and its interests into account; change your payment method or date; extend the mortgage term to reduce monthly payments; change the type of mortgage; or discuss options that could include remaining in the home and selling the property yourself³¹. Its guidance also states that making a contribution to the mortgage payment even when already in arrears reduces the interest paid over the term and the impact on your credit score³¹.

The society also suggests wider steps: seek debt advice if you would like help managing your finances, check eligibility for state benefits or tax credits, check any insurance policies, notify it of a change of address, and keep co-payers and guarantors informed³¹. Lenders generally have a duty to help if you are struggling, which could include reducing your monthly payments or taking a break from payments for a few months³². Mansfield Building Society is a signatory to the Mortgage Charter, the government and industry agreement setting out support for borrowers in difficulty³³. Free, impartial help is available from debt advice charities and from Citizens Advice, which also explains how to check whether a financial firm has followed the rules³². Our guide to debt sets out the options.

Complaints, fraud and scam reimbursement

If you have a complaint about the society, you can raise it in branch, by phone or in writing. If it cannot resolve your complaint, you can take it to the Financial Ombudsman Service, which is free. Citizens Advice explains how to check whether a financial service has followed the rules and what your options are if it has not³².

On fraud, the society has processes in place to monitor and detect it, and will contact customers immediately if fraud is suspected, asking further questions about unusual payments and possibly requesting additional information such as an invoice or proof of account ownership³⁴. From 7 October 2024, under the APP Fraud Reimbursement Rules, victims of authorised push payment (APP) fraud, where someone is tricked into making a payment themselves, have rights relating to reimbursement of money lost, covering UK payments made using Faster Payment or CHAPS¹¹. The Payment Systems Regulator's policy statement sets out the requirements for reimbursement, including for APP fraud committed over the CHAPS payment system³⁵.

There are three ways to report an APP scam to the society: complete the online claim form at mansfieldbs.co.uk/app-fraud-reporting, call 01623 636350, or visit any branch³⁶. The society can only investigate claims for scam payments that have been sent from a Mansfield Building Society account³⁶. Separately, the FSCS advises anyone who has been scammed to speak to their bank, building society or credit union, which can protect and reimburse victims of certain types of fraud, and to report it to Action Fraud at www.actionfraud.police.uk³⁷. Our guide to scams and fraud covers the warning signs.

Bereavement and power of attorney

When an account holder dies, the society needs the original death certificate or a certified copy from a solicitor to be notified³⁸. Typically there are three options for the account: it remains open in the beneficiary's name, it is closed and the money transferred to another existing account with the society, or it is closed by cheque made payable to all executors⁸. After notification, certain withdrawals can be made from the account, for funeral expenses, inheritance tax and probate court fees, and in all cases the original invoice must be produced, with the cheque issued payable to the relevant institution³⁸. Cheque payments into the account can still be accepted after notification, providing they are made payable to the account holder from third parties and the account is in their sole name³⁸.

For a power of attorney, the society needs the original POA document or a certified copy, already registered with the Office of the Public Guardian, a completed registration form, and ID and address verification for the attorneys, which it tries to do electronically first³⁹. It also accepts the Access Code provided by the Office of the Public Guardian for Lasting Power of Attorney, and it only ever requests the Property and Financial Affairs document³⁹. Registration can take up to 10 working days³⁹. An attorney must act in the donor's best interest, keep the donor's money completely separate from their own, and stay within the authority given in the Power of Attorney³⁹. If the society is told a customer lacks capacity, it will temporarily stop all withdrawals until a Court of Protection order is received, unless a withdrawal is specifically to pay a utility in the customer's name³⁹.

FSCS protection for your savings

Money saved with Mansfield Building Society is protected by the Financial Services Compensation Scheme. The society's own documents state two different limits, and they disagree. Its savings product pages say your savings are protected up to the value of £85,000 with the FSCS⁸, while its FSCS information document states that in respect of deposits, an eligible depositor is entitled to claim up to £120,000⁹. The same document notes that most depositors, including most individuals and small businesses, are covered by the scheme⁹. Because the documents conflict, check the FSCS website for the current limit before relying on either figure; the society directs customers to fscs.org.uk and to the FSCS phone line for further information about compensation, including amounts covered and eligibility⁹.

Protection applies per eligible depositor per institution, not per account, so if you hold several Mansfield accounts they count together towards one limit. The society appears on the Bank of England's Prudential Regulation Authority list of building societies incorporated in the UK, under the name The Mansfield Building Society⁷, and its FCA Register entry shows the permissions it holds to enter into regulated mortgage contracts as lender and to accept deposits⁶. Our guide to consumer protection explains how the FSCS, the Financial Ombudsman Service and the regulators fit together.