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Equity Release Supermarket Compare Deals Retirement Mortgage Older Borrower - 5 Yr Discount

Marsden Older Borrower Mortgage Rates & Details

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Older Borrower - 5 Yr Discount

  • Type Discounted
  • Rate 2.99%
  • APRC 5.70%
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Incentives:
  • Free Valuation
  • Legal Fees Contribution
Offers:
  • Fee Assisted Remortgage Legals
  • 5%pa Annual Over-payments
  • Interest Only
  • Max LTV - 60%

Background

The Marsden Building Society shares a mutual status with its members for whom it has been providing savings & mortgages since 1860. All branches are based in the north-west and aim to follow the Marsden's philosophy of providing a personal and conversational approach to providing its financial services.

The Marsden provides a range of mortgage products, with a specialist 'lending to retired' mortgage products. Marsden do not consider lending to retirees an issue if they are in receipt of pension income, allowing elderly homeowners availability to Later Life Lending in Retirement on their property.

Eligibility

The Marsden Older Borrower Mortgage is designed specifically for homeowners who are retired and requiring access to the equity in their property to enable them enhance their lifestyle in retirement. Marsden have a sensible approach to lending in retirement by using an income multiplier and affordability calculator as their measure to borrowing limits.

Eligible income for homeowners that is acceptable to Marsden Building Society is pension income which must be evidenced, along with investment or rental income if this can be evidenced with annual statements or SA302's.

Affordability is measured using affordability of both earners whether in single or joint incomes. This is then stress tested at 8.5% as an affordability measure by Marsden's underwriters. The minimum acceptable income level is £17,500 which is based on either single or joint applications.

Marsden's minimum property valuation on their retirement mortgage is £150,000 and the property must be the homeowner's main residence and should be situated within England and Wales only.

Marsden's Retirement Mortgage is available on both a single and joint life basis with a minimum age of youngest homeowner being 55 and there needs to be a referral made if the age exceeds 75 years.

The minimum loan on this pensioner mortgage is £30,000 with a maximum of upto £750,000, with any amount over £750,00 being checked upon referral. Please call the Equity Release Supermarket team on Freephone - 0800 088 5898 for your personalised Key Facts Illustration.

A source of stable retirement income is necessary in order to prove affordability and therefore eligibility towards this monthly repayment Marsden 'lending to the retired' mortgage.

Features

This Marsden Older Borrower Mortgage scheme provides an initial tax-free lump sum cash release for immediate use, with the ability to make monthly repayments of only interest, or capital & interest, back the Marsden as part of this retirement mortgages T&C's.

The Marsden Older Borrower mortgages provide access to various discounted and fixed rate loans within Marsden's product range. Please check with Equity Release Supermarket for the latest rates and deals.

The maximum loan-to-value depends on whether interest only or a repayment basis is selected. Any interest only mortgage has a maximum loan-to-value (LTV) lending limit of 60% of the property valuation, whilst for repayment mortgages the maximum LTV is also 60%.

Marsden aren't members of the Equity Release Council and consequently their plans don’t have the code of conduct applicable like other equity release schemes such as the no negative equity guarantee.

The Marsden will require proof of all forms of income. As this is an interest only lifetime mortgage, then Marsden will also require evidence of affordability of the monthly payments selected in retirement. This will be pension income &/or investment income for each applicant.

All 'lending to the retired' mortgage products come with a free valuation upto £500,000 and a fee assisted remortgage package including free legals.

Options

This Marsden Older Borrower Mortgage enables any homeowner to spend their tax-free cash as they wish, but unlike roll-up equity release schemes also having the option of making monthly repayments to control the future balance as they think fit.

Marsden will accept applications which are based on retirees house purchasing, remortgage business and on unencumbered properties.

*applies to solicitors fees & standard disbursements if using Marsden Building Society solicitors
** the rate quoted above is a 5-year discounted rate interest-only mortgage

To obtain further information or to request a quotation on the Marsden Older Borrower Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 088 5898.

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