Marsden RIO Mortgage - Fixed 5 Year

Are You Considering the RIO Mortgage – Fixed 5 Year 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 RIO Mortgage - Fixed 5 Year Review

RIO Mortgage – Fixed 5 Year Key Details

Type Rate APR
Marsden Fixed 3.19% 4.90%

Scheme Incentives

  • Free Valuation
  • Legal Fees Contribution

Scheme Offers

  • Fixed Interest Rates
  • Interest-Only Mortgage
  • Maximum LTV – 55%
Marsden RIO Mortgage – Fixed 5 Year

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 RIO 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.

Could the Marsden RIO Mortgage – Fixed 5 Year 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!

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?

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Most popular reasons for releasing equity

Who Are Marsden?

The Marsden Building Society is a building society based in Nelson, Lancashire, United Kingdom.sup>1  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..

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 Retirement Interest Only Mortgage (RIO) is created particularly for homeowners over the age of 55 who need access to the equity in their house to improve their retirement lifestyle.

This RIO mortgage might be used to refinance or to help with a home purchase.

Marsden takes a reasonable approach to lending in retirement, assessing each applicant independently on combined applications so that they may continue the mortgage solely during the term if their spouse dies.

The Marsden RIO Mortgage is offered on both a single and joint life basis, with the youngest homeowner having to be 55 years old. There is no upper age limit.

This RIO mortgage has a minimum loan of £30,000 and a maximum amount of £1.2 million. Please call the Equity Release Supermarket team on Freephone – 0800 802 1051 to confirm qualification and obtain your unique price for mortgage applications above £750,000.

There is no minimum acceptable amount of income, and applications may be solo or joint, but must be affordable to both applicants.

Eligible income for homeowners that is acceptable to Marsden Building Society is mostly pension income, although investment and rental income will be considered if demonstrated by yearly statements and/or SA302’s.

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.

Adverse credit, such as arrears, defaults, and CCJs, is allowed depending on the amount, duration, and degree of credit registered. To verify your eligibility, please call the Equity Release Supermarket team at 0800 802 1051.

Minimum Property Valuation

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Property Location Requirements

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Single vs Joint

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Minimum Release

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Scheme Features

This Marsden RIO Mortgage offers an initial tax-free lump sum cash release for immediate usage, as well as the opportunity to make monthly repayments to Marsden of just interest.

There is no maximum period; it will endure as long as the last living homeowner lives. No repayment plan, such as endowment, investment, or payback basis, is required. The loan is a lifelong interest-only mortgage with no specified expiration date.

The maximum loan-to-value (LTV) on an interest-only mortgage is 55 percent of the property worth, subject to income qualifying.

In contrast to equity release plans, there are no safeguards in place with this mortgage product if the borrower is unable to make payments. Because this is a residential mortgage, there are no safeguards in place if something unforeseen occurs, prohibiting the homeowner from making payments. In order to use this program, homeowners must be certain that their income will be substantial and consistent enough to satisfy their payment commitments.

The homeowner is responsible for making all monthly interest payments as they become due until the RIO mortgage is paid off. This implies that if the homeowner does not keep up with payments, their house may be at jeopardy.

If a single applicant dies before the end of the term, the mortgage must still be repaid, generally through the sale of the home. On joint applications, the mortgage will be continued in the survivor’s name.

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.

Under the Marsden RIO Mortgage, early repayment costs (ERCs) are always fixed for the duration of the individual fixed or variable term deal (e.g. 3 years).

All Marsden RIO mortgage packages include a free valuation up to £500,000 as well as a fee-assisted remortgage package with free legals.

Valuation Features

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Early Repayment Feature

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Equity Release Council Status

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Joint Application Features

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Scheme Options

This Marsden Retirement Mortgage allows any homeowner to spend their tax-free wealth whenever they see fit, but unlike roll-up equity release plans, they may also make monthly interest-only repayments to control the future sum as they see fit.

Marsden will consider applications based on retirees acquiring homes, remortgaging company, and unencumbered properties.

The Marsden RIO Mortgage may allow you additional financing, but availability and approval are not assured.
The available amount is closely connected to the homeowner’s capacity to afford the larger loan amount and will thus go through the same affordability verification procedure.

The mortgage can also be moved to a new house as long as appropriate security is provided.

Within its product line, the Marsden RIO mortgage typically offers fixed and reduced rates. They are, however, subject to change, so call the Equity Release Supermarket team on Freephone 0800 802 1051 for the most up-to-date interest rates.

If a special offer expires, it will return to the lender’s regular variable rate, unless another deal is chosen before or at the expiration date.

For further information or to receive a quote on the Marsden RIO Mortgage, please call the Equity Release Supermarket team immediately on Freephone – 0800 802 1051.

Repayment Options

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Inheritance Protection

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Application Fees

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Cashback Options

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Footnotes

Marsden RIO Lifetime Plan updates are still in the works. We will give an update soon.

Editor’s Rating: 4.85

Marsden's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Marsden.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy to use table!

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?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

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How Much Can You Release?

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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.
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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.
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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.
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Written by
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Financial Planning Reporter

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.
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Written by
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Writer & Financial 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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