55+ and Looking for a Mortgage?
Whether you’re looking to move to a new house, release equity from your property to fund home improvements, or raise additional funds to meet your retirement plans, the Marsden Building Society’s range of mortgages for those aged 55+ could help
There are many reasons why you may be looking for a mortgage in the run up to, or during your retirement. You may be approaching mortgage maturity with an existing lender who won’t extend the term due to your age, you may be looking to release equity from your property to make home improvements or help children onto the housing ladder, or you may be coming to the end of your interest only mortgage and looking for a new deal. Whatever the reason, our range of 55+ mortgages could provide a solution.
How does a 55+ mortgage work?
Our 55+ mortgages work just like a conventional mortgage however we lend up to the age of 85. We don’t see age as a barrier, so if our eligibility criteria is met, it doesn’t matter whether you’re 55 or 85. In fact, the average age of members who take out a 55+ mortgage with us is 67*.
Could I be eligible for one?
As a quick guide to eligibility, we ask that; at least one applicant is aged 55 or over, that the minimum value of your property is £150,000, that you’re looking to borrow up to a maximum of 60 per cent of your property value and that you have a minimum income per application of £17,500 (this can be from your pension or earned income).
How can I get a mortgage?
If you’re interested in a 55+ mortgage with the Marsden, speak to your local branch in Poulton, Lytham or Garstang, who will take you through an eligibility check and refer you to our specialist mortgage team to continue your application over the phone. Alternatively, you can call our specialist team directly on 01282 440537**. They offer free mortgage advice to help you find the right product for your needs.
Is there anywhere else I can go for information?
You can find more information about our mortgage range on our website: www.themarsden.co.uk. If you have further questions, you can arrange a call-back online to speak to a member of our team.
About the Marsden
Founded in 1860 by a group of local businessmen in Nelson, Lancashire, the Marsden’s goal was to build something better for the community. Members paid a monthly subscription to pool funds and help finance the building of their own homes. In turn, this attracted more funding, and more homes were built, increasing membership and paving the way for the Marsden to become Lancashire’s largest building society.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Principal Office, 6-20 Russell Street, Nelson, Lancashire BB9 7NJ
Marsden Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 206050.
*Based on completions from January to May 2019.
**Lines are open Mon to Fri: 9.00am-4.45pm, Sat: 9.00am-12noon. Calls will be recorded and may be monitored.
