Marsden Older Borrower Mortgage - Fixed 5 Year
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Marsden Older Borrower Mortgage - Fixed 5 Year Review
Older Borrower Mortgage – Fixed 5 Year Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 2.79% | 5.60% |
Scheme Incentives
- Free Valuation
- Legal Fees Contribution
Scheme Offers
- 5%pa Annual Over-payments
- Interest Only
- Max LTV – 60%
I think you’ll agree with me when I say:
It’s REALLY hard to choose the best equity release scheme with all the choices available.
Or is it?
Is the Marsden Older Borrower Mortgage - Fixed 5 Year, equity release scheme the best?
Don’t let your equity release dream become a nightmare!
Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.
However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.
As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.
- Detailed information about the Older Borrower Mortgage - Fixed 5 Year scheme.
- Whether this plan could be right for you and your family.
- How low the current interest rates are for the Older Borrower Mortgage - Fixed 5 Year product.
What's Equity Release?
We've summed up the most important information about the topic in this quick video.
An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.
Learn More: What’s Equity Release?
How Does Equity Release Work?
Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.
Learn More: How Does Equity Release Work?
How Much Can You Release?
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Most popular reasons for releasing equity
- Add to your retirement income.
- Pay off your credit debts or loans.
- Gifting money to family. (E.g. helping children pay a deposit on their first house)
- Paying off an existing debt.
- Going on that dream holiday.
- Replacing your car with the one you've always wanted.
- Making home & garden improvements.
Who Are Marsden?
Scheme Background
As a trusted mutual, The Marsden Building Society has been offering savings and various mortgage products to its’ members, since 1860.
Amongst others, this includes a specialist ‘lending to retired’ mortgage range to qualifying retirees. Allowing those, who are in receipt of income through a pension, to enjoy access to Later Life Lending on their properties.
The Marsden is committed to a personal and conversational approach in providing financial services.
Eligibility & Requirements
The Marsden Older Borrower Mortgage is created particularly for retired homeowners who need access to the equity in their house to improve their retirement lifestyle. Marsden takes a logical approach to retirement financing by utilizing an income multiplier and an affordability calculator to determine loan limits.
Eligible income for homeowners that Marsden Building Society accepts is pension income, which must be documented, as well as investment or rental income, which must be documented with yearly statements or SA302’s.
Affordability is determined by the affordability of both earners, whether they are on a single or joint income. Marsden’s underwriters then stress test this at 8.5 percent as an affordability measure. The lowest admissible income level for either single or combined applications is £17,500.
Marsden’s retirement mortgage requires a minimum property worth of £150,000, and the property must be the homeowner’s primary residence and located solely in England and Wales.
Marsden’s Retirement Mortgage is offered on both a single and joint life basis, with a minimum age of 55 for the youngest homeowner and a recommendation required if the age exceeds 75 years.
This elderly mortgage has a minimum loan of £20,000 and a maximum loan of £1.2 million, with any sum over £750,00 being verified upon referral. For your customized Key Facts Illustration, please call the Equity Release Supermarket team on Freephone – 0800 802 1051.
A solid retirement income is required to demonstrate affordability and hence qualifying for this monthly payments Marsden’lending to the retired’ mortgage.
Minimum Property Valuation
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Property Location Requirements
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Single vs Joint
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Minimum Release
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Scheme Features
This Marsden Older Borrower Mortgage program gives an initial tax-free lump sum cash release for immediate usage, with the opportunity to make monthly repayments of simply interest, or capital & interest, back the Marsden as part of this retirement mortgage’s terms and conditions.
Marsden Older Borrower mortgages provide you access to a variety of discounted and fixed rate loans from Marsden’s product line. Please contact Equity Release Supermarket for the most up-to-date prices and specials.
The maximum loan-to-value ratio is determined by whether the loan is interest-only or repayment-based. Any interest-only mortgage has a maximum loan-to-value (LTV) lending limit of 60% of the property worth, whereas repayment mortgages have a maximum LTV of 60%.
Marsden is not a member of the Equity Release Council, thus its programs do not follow the same code of behavior as other equity release schemes, such as the no negative equity guarantee.
All kinds of income will be required by the Marsden. Because this is an interest-only lifetime mortgage, Marsden will also want proof of the monthly payments chosen in retirement. For each application, this will be pension income and/or investment income.
All ‘lending to the retired’ mortgage packages include a free appraisal up to £500,000 as well as a fee-assisted refinancing package that includes free legals.
Valuation Features
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Early Repayment Feature
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Equity Release Council Status
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Joint Application Features
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Scheme Options
This Marsden Older Borrower Mortgage allows any homeowner to spend their tax-free cash as they see fit, but unlike roll-up equity release plans, they may also make monthly repayments to control the future balance as they see fit.
Marsden will consider applications based on retirees acquiring homes, remortgaging company, and unencumbered properties.
*Applies to attorneys’ fees and normal expenses if Marsden Building Society solicitors are used.
** The rate mentioned above is for a 2-year reduced rate interest-only mortgage agreement expiring on December 31, 2021.
For further information or to receive a quote on the Marsden Older Borrower Mortgage, please call the Equity Release Supermarket team at 0800 802 1051.
Repayment Options
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Inheritance Protection
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Application Fees
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Cashback Options
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Footnotes
Marsden Older Borrower Lifetime Plan updates are still in the works. We will give an update soon.
Marsden's Other Equity Release Schemes
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Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui
Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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HOW MUCH EQUITY CAN YOU RELEASE?
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