HERE TO HELP:
55+ Retirement Mortgages
We take a look at Marsden customers Mr & Mrs Carter’s story and why a Retirement Mortgage from Marsden Building Society was right for them
Marsden Building Society offer a range of 55+ Retirement Mortgages which are increasing in demand as the population ages and people are looking to extend their mortgage or borrow in retirement.
Meet Mr & Mrs Carter
Mr & Mrs Carter had an existing mortgage on their property that was approaching the end of the mortgage term. They were looking to remortgage their property worth £250,000 so that they were able to stay in their home, with plans to downsize in the future to repay their mortgage. They were running out of options as they were struggling to find a residential mortgage due to their age. After 18 months of searching for a solution, Mr Carter came across Marsden’s 55+ Mortgage range.
A look at the couple and their circumstances
• Mrs Carter is 56 and Mr Carter is 69
• Mr Carter is currently retired and draws pension income and Mrs Carter is approaching retirement so has employment income but plans to retire in the coming years.
• The couple were looking for a term over 17 years which would take Mr Carter up to the age of 86 and Mrs Carter to 73.
• They were looking to remortgage their existing interest only mortgage.
• They planned to downsize their home in the future to repay their interest only mortgage.
How our specialist mortgage team helped
Mr and Mrs Carter got in touch with the Marsden team to see if we could help. After an initial enquiry, we booked them in to have a telephone appointment to discuss their circumstances in more detail. We found they met our criteria for the 55+ mortgage because:
• They could evidence their income to support monthly mortgage payments.
• They had plans to downsize in the near future so were eligible for an interest only mortgage.
• Being over 55 meant they were eligible for our 55+ product range.
What Mrs Carter had to say:
“We’d been turned down by several lenders because of our age, we wanted to stay in our home and were concerned we wouldn’t be able to find a lender who could accommodate us. It was a challenging time and I’m glad we found a solution. The Marsden team were easy to deal with, reassuring throughout and gave very clear information and timescales. Getting a mortgage can sometimes be stressful but they took all of that away and I can’t sing their praises enough – we’ll definitely be recommending them!”
Marsden Building Society have helped many customers with their retirement mortgage over the age of 55 and look forward to helping many more.
To find out more about borrowing in retirement, call our team now on 01282 440537
Marsden Building Society
6-20 Russell Street, Nelson BB9 7NJ
Marsden Building Society, established in 1860, offers: savings, mortgages, home insurance and funeral plans by phone on 01282 440500 or through their branches in Barrowford, Burnley, Clitheroe, Colne, Garstang, Lytham, Nelson and Poulton. For more information, please visit their website.