Marsden Retirement Mortgage
Roll up Lifetime Mortgage


Scheme Name: Marsden Retirement Mortgage
Interest Rate: 2.64%
APR: 5.20%


Exclusive Deal:

   

Features

Free valuation upto £500k | Fees assisted remortgage package | Discounted mortgage rate until 29.02.2020
   

Full details:

The Marsden Building Society are a mutual society with over 150 years’ experience and a network of localised branches throughout the North West.

They have launched a retirement mortgage after identifying a gap between the equity release & residential mortgage market. Lending to the retired is the Marsden’s new focus and this product is aimed at lending to homeowners over the age of 55 with a maximum age at expiry being 85.

Using pension income only, plus possible rental & investment income, the Marsden will use an income multiple of 4.5x single or joint income, subject to meeting overall affordability checks. The minimum acceptable income, either on a single or joint life basis is £20,000.

Based on this the minimum loan is £30,000 and a maximum £500,000 upon referral. The Marsden will lend in England & Wales only with property values needing to be in excess of £150,000 & on their main residence only.

This retirement mortgage is available on either an interest only or capital & repayment basis. Both have different lending criteria in that the Marsden’s interest only mortgage will lend upto 60% of the property value, with capital and repayment basis now also being 60%.

The Marsden will ensure lending is for retirement & lifestyle purposes, ensuring a duty of care to their lending approach. Repayment vehicles accepted for the interest only mortgage would be downsizing, use of investments or repayment from sale of property as long as evidence of affordability for the next suitable property can be shown.

All products come with a free valuation upto £500,000, a fee assisted remortgage package including free legals and application & booking fees being £199 each.

With early repayment charges only lasting until the end of the discounted period, this product for the right incomes represents a low cost retirement mortgage plan with a sensible approach to underwriting & lending into retirement.

Further deals are also available under the Marsden Retirement Mortgage including a 3 year discounted rate & 2 year fixed rate.

Call 0800 678 5159 for further details on these extra deals and a personalised illustration for this niche retirement mortgage product.