New Record For Building Society
Mansfield Building Society has announced record new mortgage lending of £93.7 million and savings balance growth of £16 million in 2017 at its 148th Annual General Meeting on Thursday 26 April 2018.
The Society broke a number of records on its way to delivering the new mortgage lending leading to an overall mortgage asset growth of 12.2%. Total assets at The Mansfield now exceed £360 million.
The Mansfield’s reputation for providing common sense lending solutions continues to strengthen with the Society now recognised as a go-to lender for the self-employed, retirees or those approaching retirement, as well as younger borrowers looking for a mortgage supported with a little help from the ‘Bank of Mum and Dad’.
The increase in the Society’s savings balances was helped by the launch of a number of Moneyfacts ‘Best Buys’ together with a strategy of reserving some of its best rates for ‘local and loyal’ customers1.
By restricting the availability of some of its products to ‘local and loyal’ customers, The Mansfield has been able to offer better rates for longer than could otherwise be sustained in the low interest rate environment. This strategy is in line with its mutual ethos - reinforcing the Society’s commitment to its members and the community it serves.
Whilst The Mansfield has had a strong year financially, it has not lost sight of its heritage and has taken great pride in increasing its support for local good causes. In 2017, its Community Support Scheme’s cumulative donations reached £150,000 since the scheme was established in 2007.
Over the past 3 years the Society has also contributed £120,000 into The Mansfield Building Society Charitable Trust Fund to provide further support to local worthwhile causes.
In addition, the Society’s staff have raised over £7,000 for Macmillan Cancer Support and donated over 70 volunteer days to help a range of local organisations. The money raised for Macmillan goes directly to those affected by cancer in Mansfield, Ashfield and Chesterfield.
Chief Executive, Gev Lynott, said that the performance in 2017 demonstrated the continued value that The Mansfield’s mutual model offers to its customers:
“As a mutual building society, run for the benefit of our members, I’m immensely proud to report on another successful year for The Mansfield. We’ve added to the Society’s financial strength, achieved record lending and continued to grow our savings balances.
"We’re already looking to the future with confidence and, in addition to business as usual, we are planning a number of exciting projects including refreshing the Society’s brand, the refurbishment of our Sutton in Ashfield branch, and also developing our online savings proposition.
"Our commercial performance combined with the investments, volunteering and fundraising in our community show how committed we are in trying to make a difference to the lives and wellbeing of individuals within our Heartland Area.”
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