Marsden Building Society has increased the loan to value (LTV) across its Later Life, Lending into Retirement and Retirement Interest Only (RIO) mortgage products.
In its Later Life and Lending into Retirement ranges, the LTV has increased from 60% to 70%, while it has risen from 55% to 65% on its RIO mortgages.
Borrowers aged 55 and over
Increasing the LTV across its Later Life product deals allows Marsden Building Society to provide greater support to applicants aged 55 and over who are seeking mortgages during or into retirement.
It follows significant changes to the society’s mortgage criteria earlier this year, including increased flexibility for pound-for-pound mortgages on later life and RIO mortgages.
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Raised age limit
It has also raised the age limit to 90 at the end of the mortgage term and increased the maximum loan size to £1,250,000.
Donna Barclay, head of mortgages at Marsden Building Society, said: “We’re committed to supporting borrowers during retirement with accessible mortgage solutions, with broker feedback playing a crucial role in developing our products and criteria.
“Whether it’s for a home purchase, to fund home improvements, or to help a family member onto the property ladder, we’re confident that these changes to our LTV will make it easier for borrowers ages 55-plus to secure the funding they need.”
Free valuations
In addition to the increased LTVs, Marsden offers free valuations on all later life and lending into retirement cases up to £1m, and fee-assisted legals on remortgage cases.
Its Later Life, Lending into Retirement and RIO mortgage products are available on sourcing systems and the Marsden Intermediary website.
