Marsden Older Borrower Mortgage

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

Are You Considering the Older Borrower Mortgage Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Marsden Older Borrower Mortgage Review

Older Borrower Mortgage Key Details

Type Rate APR
Marsden Discounted 1.79% 5.7%

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, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that 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.

Could the Marsden Older Borrower Mortgage be the right equity release plan for you?
We’re here to help you:
Marsden is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Marsden?

Let’s find out!

Who Are Marsden?

The Marsden Building Society is a building society based in Nelson, Lancashire, United Kingdom.sup>1Â It is a member of the Building Societies Association, a UK-based trade association for building societies.
Learn more about the various Marsden equity release schemes.
Marsden Older Borrower Mortgage

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 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.

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.

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 team.

Editor’s Rating: 4.84

Marsden's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Marsden.

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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.

rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
John Lawson

Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
kath icon

Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.

Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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