Marsden RIO Mortgage

Are You Considering the RIO 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 RIO Mortgage Scheme Review

RIO Mortgage Key Details

Type Rate APR
Marsden Fixed 2.89% 5.3%

Scheme Incentives

  • Free Valuation
  • Legal Fees Contribution

Scheme Offers

  • Fixed Interest Rates
  • Interest-Only Mortgage
  • Maximum LTV – 55%

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, 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 RIO 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 RIO 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 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 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 team.

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.

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 team 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 team immediately on Freephone – 0800 802 1051.

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 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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