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Marsden announces new ‘Lending into Retirement’ range

Published on: 26 June 2024


We've expanded our 55+ mortgage portfolio with the introduction of new Lending into Retirement (LIR) products, with interest only, repayment and part-and-part options.

This latest launch is designed specifically for applicants who are still working but require a mortgage term that runs into retirement. The new LIR mortgage products are available to homeowners aged between 55 and 70 who aren’t receiving a pension at the point of application. The maximum age at the end of the mortgage term is set at 80.

Recognising the diverse income streams of today’s workforce, we'll accept earned income up to age 75 in our affordability assessments. Additionally, investment and rental income are also accepted.

The LIR products are available as either repayment or interest only, with a loan-to-value (LTV) of up to 60%. Additionally, a part-and-part option is also available, so homeowners can split the loan between interest only and capital repayment.

To be eligible for a Marsden LIR mortgage, borrowers will need a minimum income of £17,500 and the minimum loan amount is £30,000. Additionally, the mortgaged property must have a minimum value of £150,000.

Donna Barclay, Head of Credit at Marsden Building Society, commented: “As a mutual organisation, we work closely with our broker network to ensure we’re addressing the evolving needs of our later life customers. Through the launch of our LIR range, we hope to equip mortgage advisors and their clients aged 55+ with more borrowing options. These products could enable borrowers to tap into more of their home’s value, helping to provide a valuable financial cushion into their retirement.”

Our new LIR mortgage products are available on sourcing systems and you can view our full criteria here

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