Can I Get A Mortgage
In Retirement?
Is this a question you’ve asked or would need to ask in the future? Sarah Varley talks to Steve Robinson, Head of Lending at Marsden Building Society about the options available for customers with an interest-only mortgage or looking for a mortgage in retirement
The 55+ generation is growing and together with changes in lifestyle and society, more and more people are looking for a mortgage in retirement. As later life mortgage experts, Steve Robinson is confident that the Marsden Building Society team can find the right solution for you – something that is more accessible than people think.
“Approach to outstanding debt in retirement is shifting and people are becoming more comfortable with it as their plans extend into retirement,” Steve explains. “One in every five people will retire with outstanding debts and the number of people over 55 is set to double in the next two years so there is a growing demand for mortgages in retirement.”
“More and more people are finding themselves approaching a mortgage product term with an existing lender who won’t extend the term due to their age or because its interest only, but with so much they still want to do. We’re finding that many customers are not ready to move out of their family home, they are wanting to make home improvements or are looking to help their children onto the property ladder, or even pay for university tuition fees.”
Marsden Building Society is finding that many customers had no idea that a mortgage in retirement was an option until they hear about The Marsden’s 55+ mortgage.
“Our product range is accessible into retirement and the average age for our borrowers for this range is 67, many of whom are looking to continue with their interest only mortgage,” adds Steve.
“Often our customers have plans for the future to downsize but aren’t looking to do so now and want to spend their retirement in the home they’ve worked hard to build up. We take pension income into account and can look at earned income up to the age of 75 to support mortgage repayments. Age isn’t a barrier for us, we take all your circumstances into account and our mortgage team will be straightforward with you around whether the product is suitable for your needs.”
The expert team at Marsden Building Society can talk you through your options and answer any questions you may have. They’ll provide straightforward mortgage advice so you can be free to get on with life, enjoy your dream holiday, give your children a helping hand or make the home improvements you’ve always wanted.
If you are interested in finding out about The Marsden’s 55+ mortgage range, do not hesitate to get in touch with the team who will be able to answer questions and provide no obligation advice over the phone.
Marsden Building Society
6-20 Russell Street, Nelson BB9 7NJ
01282 440537
www.themarsden.co.uk/over55mortgages/
