The Marsden Retirement 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 £20,000 with a maximum of upto £1.2 million, with any amount of=ver £750,00 being checked upon referral. Please call the Equity Release Supermarket team on Freephone - 0800 802 1051 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.