Over 55? A mortgage isn't out of the question
You may think either getting a mortgage or remortgaging if you’re over 55 or nearing retirement age is out of reach. Perhaps you think a mortgage lender won’t consider you or your circumstances because you’re in retirement. But that isn’t the case.
The social landscape in the UK is changing; the 55+ generation is growing as people are living longer and their needs are changing, but access to mortgage products for the over 55s can be limited.
Marsden Building Society recognises that as the needs of their customers change, they needed to offer a helping hand to support this.
That is why Marsden has introduced mortgage options for customers aged 55+ which offer a wider range of solutions for later-life borrowing.
Steve Robinson, Head of Lending at the Marsden explains: “We’re finding that customers are approaching retirement differently.
“Taking a mortgage beyond retirement age is growing in demand, whether they’re looking to release money from their home, carry out home improvements or extend their existing term as they’re not ready to move into something smaller yet.
“There are borrower who haven’t been left with a choice and have existing interest-only mortgages that they’re looking to extend into retirement and are not able to with their existing lender.
“Again, our 55+ mortgage range gives customers options to support this.”
There are lots of reasons why someone over 55 may want to take out a mortgage, such as releasing money to support children onto the property ladder. Others are simply looking for a new lender to help with their current mortgage in retirement.
If you can answer yes to the following questions then you may be eligible for a 55+ mortgage:
The primary applicant must be over the age of 55
The minimum value of your property must be £150k
Looking to borrow up to a maximum of 60% of yourproperty value
The minimum income per application is £17.5k (this can be taken from pension or earned income)
You must be resident in England or Wales
The Marsden’s approach is to offer personal support for later-life customers, as Mortgage Team Leader Jim Mawdsley explains.
“We understand that everyone is different when it comes to looking for a mortgage.
“We’ve helped lots of people from many backgrounds and varying circumstances and so we’re really experienced in recognising, and responding to, the many and varied needs people have.”
Jim continues: “In the mortgage team our advisors have a wealth of experience helping our later-life customers resolve their borrowing needs. Our staff have specific expertise which helps us to understand some of the issues our customers face in this stage of their lives.
“Our advisors are fully trained, friendly and happy to help, so I’d encourage people to pick up the phone, ask the questions and we can then discuss their own options for the fu-
ture. If we feel the product is right for you we will provide a full recommendation in writing with a detailed illustration for you to consider.
“There’s no charge for the advice we can give you. We would like to help, just as we’ve helped many other people up to now. That’s why we’re here.”
For expert advice about the Marsden’s 55+ Retirement Mortgage ring its specialist team on 01282 440537. The team can be contacted six days a week. Monday-Friday 9am- 5.30pm as well as Saturdays from 9am to noon.
For more details go to www.themarsden.co.uk/over55mortgages