It might surprise you, but applying for a mortgage in retirement isn’t out of bounds. Whether you’re moving to a new house, coming to the end of your current mortgage deal, or looking to release funds from your property, we could help…
According to the 2019 FCA Sector Views report, 40% of borrowers who took out a mortgage in 2017 will be aged over 65 when their mortgage matures^. Longer life expectancy and changing financial needs means that borrowing in retirement is becoming increasingly common and that doesn’t look set to change. Here at the Marsden, we believe that age shouldn’t be a barrier. With over 160 years’ experience; we’ve been helping our members to own their own homes since 1860, so we understand what’s important when looking for a mortgage provider.
We offer a range of solutions for those looking to borrow in retirement. Available on an interest only or repayment basis, our 55+ Retirement Mortgages are just like a conventional mortgage, except they are available to applicants aged 55 to 85. Another option is our Retirement Interest Only (RIO) Mortgages which could be an alternative to equity release. Available to those aged 55 and over on an interest only basis, a RIO mortgage could be the right choice for you if you want to remain in your own home with no plans to downsize.
Steve Robinson, our Head of Lending said, “We understand that everyone is different when it comes to their mortgage needs, that’s why we offer a range of mortgages for those in later life. From our perspective, applicants need to be aged 55 or over, either in retirement or very close to it.
“Everyone’s circumstances are different, so it’s important to get the right advice and make sure the mortgage is tailored to your individual needs to make sure it’s affordable, both now and in the future. The number of people looking to take out a mortgage in retirement is increasing; and for many different reasons. Not only are we living for longer, but our financial needs are changing too.
“Like other providers, we do have criteria that borrowers will need to meet. For example, minimum income and minimum property values, but our mortgage advice is free of charge and our UK-based
teams pride themselves on their straight-forward service. If a product isn’t right for you, we’ll let you know”
To learn more about our retirement mortgages, you can visit our over 55 mortgage page or call our team on 01282 440537*
^Financial Conduct Authority: Sector Views report, published January 2019.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.