Question Time:
55+ Retirement Mortgages
Marsden Building Society have years of experience supporting customers with retirement mortgages so we asked Steve Robinson, their Head of Lending to guide us through some of the most frequently asked questions
Am I eligible for a mortgage in or into retirement?
Everyone is different when it comes to looking for a mortgage, which is why we have a specialist team who can offer our customers mortgage advice to ensure that you’re getting the right mortgage for your needs. For our 55+ range, we have a quick guide on eligibility (please see the infographic above right) but if you’re not sure, just call.
What can I borrow the money for?
There are lots of reasons you might choose our 55+ mortgage range but everyone is different. For those facing barriers with their existing lender, it’s an option to review their existing mortgage (perhaps interest only) and extend the term beyond retirement. However, some customers are looking to support their children onto the housing ladder by releasing a deposit, have plans for home improvements or future plans to move into a smaller property and want to stay in their existing home for longer. The Marsden team can help support all of these reasons where the borrower is eligible. Speak to a member of the team for more information on how we could help you.
Is this equity release?
No, this is a common misconception, you will need to maintain a monthly mortgage payment and the mortgage will need to be repaid. If you are in retirement and your current lender is saying no to a mortgage, our 55+ retirement mortgage range could offer an alternative to equity release and mean you pay off your mortgage at the end of the term.
Can I get an interest only mortgage, or what if I already have one?
Dependent on your circumstances, we may be able to help. Marsden offers interest only mortgages over the age of 55 and can look at various plans to repay your mortgage such as downsizing in the future. Other options are available which we are happy to discuss with you to see if we can support your mortgage ambitions.
How do I know if a 55+ mortgage is right for me?
Our specialist team are fully qualified to give mortgage advice for our 55+ products and on your eligibility and suitability for a mortgage into later life. We would be happy to speak to you or a member of your family if you have any questions.
Our team are here to support you, so if the product isn’t right for you, we’ll let you know.
It is free to get advice – you will just pay an arrangement fee if you choose to proceed, which can be added to your mortgage.
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
01282 440537
www.themarsden.co.uk/over55mortgages/
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
and Poulton. For more information, please visit their website.
