The new portfolios ensure that borrowers who have retired and are in receipt of pension income are able to access a mortgage for their home.
The key Lending to Retired products available for brokers are:
- 2 year discount rate with £299 booking fee and £299 arrangement fee available up to 40% LTV at 2.99%
- 2 year discount rate with £299 booking fee and £299 arrangement fee available up to 60% at 2.79%
All products come with free standard valuation, fee assisted remortgage legals, are portable and have 5% annual overpayments. Procuration fee is 0.6% with a cap of £1,400.
Steve Robinson, Head of Lending at Marsden Building Society, said:
“Marsden Building Society is taking an innovative approach to lending and extending their services to a specific market demand. Research from the Society highlights the demand from our intermediary channels and the Marsden have aligned accordingly. As a lender, it’s important that we meet the needs of our members both present and future and that age should not be a barrier if we deem it responsible to lend to them.”
"The Society’s new portfolio demonstrates its ability to adapt to the ever-changing mortgage market and Marsden is amongst a handful of lenders who are willing to lend in this market. As the product has been released via Marsden’s broker channel, their Intermediary team are on hand to support brokers with any questions they may have.”
John Coffield, Head of Paradigm Mortgages, said:
"This is a significant step forward for lending to later life borrowers and is a welcome addition to a market segment where, unfortunately, there is limited choice for many borrowers.
"This type of product has a charging structure that is far more client-friendly than the alternative equity release products and, in many circumstances, this product will meet the same requirements as equity release, but with a more satisfactory customer outcome.
"Many of our members will have clients who are suitable for this product and this continues our strategy of partnering with innovative lenders, such as the Marsden Building Society, to bring new solutions to the market. Paradigm is exploring further opportunities in later life lending and we will have more news and workshops in the final third of 2015."
