Lender expands property and income options for greater borrower flexibility
Marsden Building Society has introduced key updates to its later life mortgage criteria, aiming to enhance flexibility and accessibility for borrowers aged 55 and over.
The changes apply to the lender’s later life, lending into retirement, and retirement interest only (RIO) mortgage products.
The updated criteria include the acceptance of a wider range of property types and income sources. Among the main revisions, 55-plus retirement properties are now considered eligible by the mutual. However, applications involving flats or mixed private and social housing developments will require a referral.
Marsden Building Society has also expanded its acceptable income list to include foreign pension income and property rental income. In addition, attached or detached annexes will now be accepted across all mortgage products, provided the main residence is for personal use.
Another notable change allows for properties with up to 30 acres of land, as long as there is no commercial use or agricultural tenancies. The lender will also now consider second homes intended for immediate family, or as personal holiday homes.
“We’re always consulting with our broker partners to ensure we’re providing the most suitable products for their clients,” said Donna Barclay, head of mortgages at Marsden Building Society. “These latest revisions reflect our commitment to providing specialist mortgage solutions in later life, which is why we’re excited to unveil our revised criteria for 2025. We’re confident that these updates will help to expand the support available to our brokers and their clients aged 55-plus.”
Marsden’s updated later life mortgage products are available through sourcing systems and on the Marsden Intermediary website.
The latest changes follow Marsden’s earlier product enhancements, including two new 95% loan-to-value (LTV) residential mortgage offerings with rates from 4.99%, an increased LTV of 85% for select expat residential mortgages, and the relaunch of its expat furnished holiday let range.
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