Marsden Building Society said the Lending into Retirement (LIR) products had been designed for people who are still working but need a mortgage term that runs into retirement. The range includes interest-only, repayment and part-and-part payment options. 

It is available to borrowers aged between 55 and 70 who are not receiving a pension at the time of application. The maximum age at the end of the mortgage term is 80. 

Marsden Building Society will accept earned income up to age 75 and will also consider investment and rental income. 

The LIR products are available up to 60% loan to value (LTV) with repayment or interest-only options, and borrowers can choose to split the loan with part-and-part payments.

Eligible borrowers need a minimum income of £17,500 and the minimum loan amount is £30,000. The mortgaged property must have a minimum value of £150,000. 

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Donna Barclay, head of credit at Marsden Building Society, said: “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 advisers and their clients aged 55+ with more borrowing options.”

She added: “These products could enable borrowers to tap into more of their home’s value, helping to provide a valuable financial cushion into their retirement.” 

Last month, the mutual made affordability changes to its later life range to allow borrowers to access five times income multiples on pound-for-pound remortgages.