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Later Life Criteria

Mature woman sits in her home after applying for an Older Borrower mortgage with the Marsden, on behalf of her client.

Our handy A-Z criteria tool allows you to search or filter to find the information you need for your Later Life cases.

Last updated 14 February 2024.

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Applicant Details

55 (at least one of the applicants).




£17,500 per application (joint or single)

Credit Criteria

CCJs/Defaults within the last 3 years are not acceptable.

CCJs/Defaults => 3 years prior to application are acceptable up to a maximum £2,500 – subject to an explanation and being cleared/satisfied 12 months prior to application.

No other adverse entries must show on credit file.

Mortgage, loan, HP arrears and missed payments => 3 years prior to application: Status 1s and 2s are accepted – status 3 or above not accepted.

Mortgage, loan, HP arrears and missed payments within the last 3 years are not acceptable.

Credit Card, mail order, utility commitments => 3 years prior to application: Up to and including status 2s are acceptable.

Credit card, mail order, utility commitments =< 3 years prior to application: Status 2 – OK to proceed subject to the commitment being up to date for a minimum of 12 months prior to application. Status => 3 are OK subject to commitments totalling less than £500 and being up to date for a minimum of 12 months prior to application.


For non-UK nationals we require the applicant(s) to have resided in the UK for a minimum of 2 years. We will also require proof of indefinite leave to remain/residence certificate or settled or pre-settled status in the UK.

Deposit Details

Applicants’ own deposit or gift from an immediate family member (spouse, parent, grandparent, sibling, child or grandchild) is acceptable. Evidence of the source of deposit is required.


100% state and/or private pension income. We will accept 5% of SIPP/pension pot for income assessment as an annual notional figure.

Employed and self-employed income can be considered to support pension income up to age 75 – refer full details. Please note, shift allowance/overtime/maintenance are not normally acceptable.

Income from property and investments acceptable if evidenced by SA302s and SA100s.

100% of disability living allowance and personal independence payment (must have been in receipt for last 2 years).

100% industrial injuries benefit.

Please note: Where rental income is needed to support the mortgage, you must submit an Agreement in Principle to the Society. An element of property income can be used but the amount considered is linked to income and the debt outstanding on the investment properties.

Mortgage Details

Minimum: £30,000 (unless otherwise stated)

Maximum: £1,250,000 (note that loan sizes over £750,000 will be subject to a % arrangement fee)

Minimum: 5 years (product dependent)

Maximum: 35 years

Please note, our maximum age at the end of end of the mortgage term is 90.

We will consider remortgage applications where the applicant has been the registered owner for the past 6 months. Refer if less than 6 months.

Repayment, interest only and part and part applications accepted dependent on the selected product.

Sale of mortgaged security/investments/sale of other property/endowment.

Our minimum equity requirement is subject to underwriters discretion. 

Property Criteria

£150,000 (unless otherwise stated)

England and Wales.

The property must be the main residence of the applicant(s).

Properties must be of traditional construction.

Timber framed properties may be considered if brick clad.

New build houses subject to NHBC/Local Authority Building Control Scheme/Premier/Checkmate (Castle 10)/Buildzone/Zurich/ICW (International Construction Warranties)/AHCI Ltd or Professional Consultants Certificates.

Purpose built flats/maisonettes are acceptable (new builds not acceptable). Must be leasehold.

Flats/apartments more than 4 storeys. If above 4 storeys, they must be serviced by at least 1 lift. Flats above 6 storeys are not acceptable.

Properties must be of traditional construction.

HMOs, self-builds, properties held in Trust, present or former hotels/guest houses/B&Bs, commercial properties (even if applicants intend to convert back to residential).

Prefabricated properties.

Studio flats and ex-local authority flats/maisonettes.

New build flats.

Flats above commercial property.

Properties under 5 storeys with a flat roof are unacceptable security.

Any construction covered by Housing Defect Legislation such as high alumina cement, prefabricate reinforced concrete, large panel system, BISF.

Any property where an EWS1 form for wall cladding is required.


Both freehold and leasehold are acceptable for houses.

Freehold flats/maisonettes are not acceptable- leasehold only.

Flying freeholds – refer.

For leasehold, there must be a minimum of 85 years’ unexpired lease at the start of the mortgage and 55 years remaining at the end.

Reasons for Additional Borrowing

• Home improvements
• Debt consolidation (maximum £30,000)
• Gift to family member
• Purchase of an investment or second home

Please note evidence would need to be submitted to satisfy the above.

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