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Later Life FAQs

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

If you have a case in mind, but want to find out more, we’ve answered some frequently asked questions about our Later Life mortgages below.

Last updated 21 June 2024.

Our Later Life mortgages work just like a conventional mortgage; however, they’re designed to support applicants aged 55 to 85 during their retirement.

With the opportunity for your client to use downsizing as a repayment vehicle, a Later Life mortgage could be right for those looking to purchase a new home, remortgage, or release funds from their property for a number of reasons, such as helping children onto the property ladder or funding home improvements.

Please note, if you are looking to borrow against your home for a variety of reasons (home improvements for example), depending on the amount of the loan advance, documented evidence may be required to support the loan purpose.

Yes, our Later Life mortgages are available for purchase, remortgage and unencumbered properties on an interest only or repayment basis, including remortgages from other lenders, either like-for-like or with additional borrowing. Part and part is also available.

If your client is looking for an alternative to equity release, please visit our Retirement Interest Only product page.

We accept state, private and some foreign currency pensions. Employed and self-employed income can also be considered to support pension income, up to age 75, and we can also accept income from property and investments, providing they’re evidenced by SA302s or SA100s.

5% of SIPPs or investment portfolios that aren’t currently being drawn on are also accepted, we’ll just require a portfolio valuation no more than 30 days old at application. Please note, where rental income is needed to support the mortgage, you must submit an Agreement in Principle.

An element of property income can be used but the amount considered is linked to income and the debt outstanding on the investment properties.

We accept sale of another property, endowment and downsizing (subject to a underwriters discretion). We’ll also accept investments, providing they’re not being used as part of the income for the application.

If the applicant is aged 55 to 85 and they’re looking to repay the value of their loan with regular monthly payments, our Later Life mortgage may be the best approach, which will allow your client to use downsizing as a repayment vehicle.

If your client wishes to avoid downsizing and remain in their home, our Retirement Interest Only mortgage may be more suitable. Available on an interest only basis, your client will not pay back the loan itself until a life event occurs, for example, going into long-term care or passing away.

If you’d like to submit an Agreement in Principle and application on behalf of your client, we’ve covered the steps on our Apply page, so you know what to expect.

You can find our range of available products on our product portfolio, available to download on our Later Life product page.

We’ll lend up to 60% LTV of the market price (or up to £1,250,000) to those looking to purchase or remortgage their property on an interest only or repayment basis. We require a minimum loan size of £30,000 (unless stated otherwise).

For further product details, please visit our Later Life product page.

A minimum 40% of the market value must be available as a deposit. The deposit can be the applicants’ own or gifted from an immediate family member (spouse, parent, grandparent, sibling, child or grandchild). Evidence of the source of deposit is required.

We require a minimum income requirement of £17,500 per Later Life mortgage application.

The minimum property value is £150,000 or product dependent.

Yes, remortgaging and additional borrowing is available. A list of acceptable reasons for additional borrowing can be found on our Later Life criteria page.

The minimum age for our Later Life mortgages is 55. Our maximum age at the start of the mortgage term is 85. Our maximum age at end of mortgage term is 90.

You can download a copy of our documentation checklist from our Downloads page which lists all the requirements for Later Life mortgage applications.

Yes, if you’d like to check your client’s affordability for an Later Life mortgage, please use our Residential calculator which can be downloaded on our Affordability calculators page.

Yes, you can submit an application using Intermediary Online.

You’ll need to register to use the platform, but you’ll be able to create and edit applications, upload documentation and receive notifications at each stage of the process.

Yes, you can download our mortgage application forms on our Downloads page; however, if possible we would prefer you to submit your application online.

We can accept applications and supporting documents via email in the first instance at intermediaries@themarsden.co.uk but the original application form will need to be posted to our Principal Office address; Marsden Building Society, Principal Office, 6-20 Russell Street, Nelson, Lancashire BB9 7NJ.

No, there is no need to pre-register if you’re applying via paper application, we will use the information provided when you submit your first application with us.

If you want to submit your application online, you will need to register for our Intermediary Online service.

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