Marsden Increases Amount Older Homeowners Can Borrow

Marsden Building Society, a well-known lender for those approaching retirement, has just made it easier than ever to get a mortgage. They’ve increased the amount of money they’ll lend you, known as the loan-to-value (LTV).

Here’s what’s changed:

  • Later Life and Lending into Retirement Mortgages: The LTV has gone up from 60% to a very generous 70%. This means you can borrow more against the value of your home.
  • Retirement Interest Only (RIO) Mortgages: The LTV for these mortgages has increased from 55% to 65%.

These changes are great news for anyone looking to buy a new home, do some renovations, or even help out a family member.

Other Helpful Changes

Earlier this year, Marsden made even more changes to make their mortgages easier to access:

  • More Flexibility: You can now get a mortgage where the amount you borrow is the same as the value of your home, known as a “pound-for-pound” mortgage.
  • Older Borrowers: The maximum age you can be at the end of your mortgage term has gone up to 90.
  • Larger Loans: The maximum amount you can borrow has increased to £1,250,000.

Making it Easier to Get a Mortgage

Marsden has made it easier to get a mortgage, but they’re also making the process more affordable:

  • Free Valuations: If you’re applying for a Later Life or Lending into Retirement mortgage up to £1 million, the valuation of your property will be free.
  • Fee Assisted Legals: If you’re remortgaging, Marsden can help with the legal costs.

Donna Barclay, head of mortgages at Marsden Building Society, said: “We know that people approaching retirement have unique needs when it comes to their finances. These changes are designed to make it easier for people over 55 to get the funding they need, whether it’s to buy a new home, do some renovations, or help out their family.”


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