RETIREMENT MORTGAGES
WHAT’S ON OFFER?
We speak to Steve Robinson, Head of Lending at Marsden Building Society, and ask him about why customers are wanting to borrow past the age of 55 and what support is available for them?
Later life mortgages are becoming more popular due to an increase in the 55+ generation and changing approaches to lifestyles in retirement.
Why would I be looking to borrow in retirement?
“Many customers are looking for mortgages in retirement to finance home improvements, to stay in their existing family home by extending their mortgage or even to support children onto the property ladder by releasing a deposit. We find that some customers have an existing mortgage but as they approach retirement they have trouble extending their current term or are looking to continue with their existing interest only mortgage. At The Marsden, we have solutions that can support customers.”
What options are available?
“Many customers are unclear about the mortgage options available as they approach retirement and assume that there is limited choice but this isn’t the case. More and more lenders are supporting customers in retirement and The Marsden is one of them. We’ve recently launched a 55+ mortgage product which is available both on interest only and repayment as well as our Retirement Interest Only mortgage which supports customers with a wider range of options dependent on their needs.”
What do I do if I have an existing interest only mortgage?
“Dependent on your circumstances, we may be able to help. Marsden offers interest only mortgages over the age of 55 and can look at using various plans to downsize in the future as a repayment method or discuss other options which may be supported by our new Retirement Interest Only mortgage.”
How do I know if it’s right for me?
“We’d recommend getting advice to see which mortgage is suitable for your needs. There’s two ways to do this, either through a mortgage lender directly or with a mortgage broker. At The Marsden, our mortgage team can provide advice at no cost we can assess your suitability for the right product so you can find out more about later life mortgages and what that might mean for you.”
If you’re interested in finding out more about The Marsden’s 55+ mortgage there’s information on the website or get in touch with their mortgage team on 01282 440537.
Marsden Building Society
6-20 Russell Street
Nelson BB9 7NJ
01282 440537
www.themarsden.co.uk/over55mortgages/
