Marsden Building Society refreshes Guernsey mortgage portfolio

We've refreshed our Guernsey mortgage portfolio, with reduced rates, capital raising and interest only options available.

Here at the Marsden, we've implemented changes to our affordability model for older borrowers which means customers could potentially borrow more than previously.

Working closely with SPF mortgage advisors, this refreshed mortgage range aims to improve accessibility to Retirement and Residential lending solutions for Guernsey residents, whilst keeping interest rates as competitive as possible.

The changes include increasing the maximum age at the end of the term on Retirement products to 90. The maximum loan amount has also been increased from £750,000 to £1,250,000 for both Retirement and Residential mortgages.

Marsden Building Society is currently the only lender in Guernsey that offers mortgage solutions in retirement, as well as interest-only options across the majority of its mortgage portfolio.

Retirement mortgage customers may also be eligible to raise capital in certain circumstances, including assisting their children onto the property ladder. Up to 5% of the property value (maximum £37,500) can be borrowed for lifestyle, with the reason for raising capital being provided as part of the application (for example, minor HIMPS, holiday etc).

Rob Pheasey, Chief Executive, Marsden Building Society said: “We’re conscious of the financial pressures homeowners are currently facing, particularly with increasing interest rates and the ongoing cost of living crisis. We’re therefore pleased to say that, in making changes to our affordability model, we’re able to offer our Guernsey customers more flexibility and reduced rates, compared to our previous mortgage products.

“We’re continuing to work closely with SPF mortgage advisors to ensure our products are tailored to meet the specific needs of Guernsey customers. All of Marsden Building Society's mortgages can be accessed through the SPF team, making the process of applying for a mortgage as straightforward as possible.”

Pierre Blampied, Managing Director at SPF Private Clients (CI) Ltd, added: “The ongoing relationship is going from strength to strength, and we continue to look at new products for Guernsey based on the market conditions and the fact that our mortgage market does not have specialist lenders unlike onshore. It is pleasing that Marsden Building Society have assisted in the high net worth lending space especially being a further option with interest only lending.”

For more information about SPF or the products that are available to customers, speak to a member of the SPF team on 01481 715234.