As the over 55 generation approach retirement, some customers are finding that their existing mortgage is not eligible to be extended. Some are looking for more options, whether that be for an interest only mortgage, to raise additional funds or are looking to support a family member onto the property ladder.
There are a growing number of mortgage solutions available for customers over the age of 55 and looking for a mortgage either approaching or in retirement.
What is a retirement mortgage and how does it work?
Retirement mortgages are conventional mortgages that a customer can take beyond the age of 55. They are designed to help borrowers with a number of life events, from home improvements, downsizing in the future or to release money from their home to gift to their children or grandchildren to help their first step onto the property ladder.
For a customer to find out if they’re eligible for a Later Life mortgage they would need to speak to a member of the team at the Marsden. The team will go through a no obligation advice call to find out more about their circumstances and whether the mortgage is right for them. Alternatively, customers can speak to an independent mortgage broker who will also run through advice around borrowing options.
Marsden Building Society offers their support with a dedicated 55+ mortgage range which launched direct to customers in 2018. We spoke to their Head of Lending, Steve Robinson who said, “Our 55+ mortgage range has been developed in response to a growing need to support customers who may previously have thought a mortgage was no longer an option. It is available for customers who wish to borrow money in retirement and those whose current interest-only mortgages are coming to an end, as we felt that the solutions for customers in these situations weren’t readily available”
Steve continues: “Anyone who would like to discuss this can give us a call. Our mortgage team can answer any questions, provide free advice on whether it’s a suitable option or simply provide more information about the process and what that would involve.”