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Later Life Mortgages for over 55s

Couple sat together after researching Later Life Mortgages with the Marsden Building Society

Our Later Life mortgages offer an ideal solution for homeowners aged 55+ who want to enjoy their retirement years. Whether you’re purchasing a new home, looking to remortgage your property from another lender or borrow additional funds, our Later Life mortgages could help make it happen.

What's a Later Life mortgage?

Later Life mortgages are a type of retirement mortgage designed for homeowners aged 55 or above. Available on a repayment or interest only basis, this type of mortgage offers a lending solution for retirees looking for a mortgage with traditional terms.

By opting for a Later Life mortgage, you could use the loan to pay off an existing mortgage, along with any early repayment charges. You could even remortgage your home and borrow additional funds to pay for home improvements, purchase an investment home, gift to a family member, or cover any other expenses*.

What’s the difference between Marsden’s Later Life and RIO mortgages?

Our Retirement Interest Only (RIO) mortgages are another type of 55+ retirement mortgage, which offer an interest only alternative to our Later Life mortgages. The key difference is that RIO mortgages don’t have a fixed term, so the capital isn’t paid off until the homeowner moves into long-term care or passes away. They’re only available on interest only, so there’s no repayment option with this mortgage. They also come with a maximum loan-to-value (LYV) of 55%.

Later Life mortgages can be either interest only or repayment and do come with a fixed term. They’re designed for homeowners who’d like a more traditional mortgage product.

Could a Later Life mortgage be right for me?

A Later Life mortgage could be an option for retirees who are looking for a flexible way to manage their household finances. There’s a range of eligibility criteria you’ll need to meet for this mortgage range. As a guide, you could be eligible for a Later Life mortgage with the Marsden if:

  • You’re looking to borrow at least £30,000
  • You’re looking to borrow a maximum of £750,000
  • Your property is worth at least £150,000
  • You’re looking to borrow up to 60% LTV on a repayment or interest only basis
  • You’re at least 55 years old (for joint cases, only one applicant needs to be 55 or over)
  • You have an annual income of at least £17,500 (whether you’re applying on your own or jointly)


*Please note, if you’re 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.

What's the maximum LTV for a Later Life mortgage?

With a Marsden Later Life mortgage, you can borrow up to 60% of the loan-to-value (LTV) of your home.

How do I apply for a Later Life mortgage?

If you’d like to apply for a mortgage with us, our team of UK-based advisors are on hand to help. They can give you more details about our products, walk you through the application process and carry out an Agreement in Principle (AIP) over the phone.

To find out more, please call 01282 440500 or request a call back on this page. Our advisors are available Monday to Friday from 9:00am to 4:45pm.

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