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Marsden Building Society overhauls first-time buyer and older borrower mortgages

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  • 20/04/2018
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Marsden Building Society overhauls first-time buyer and older borrower mortgages
Marsden Building Society has launched a number of new products across its residential and older borrower range.

 

The lender has cut rates and also slashed the number of older borrower products from 15 to four, in an effort to simplify its offering for intermediaries and their clients.

Borrowers still have access to interest-only products from the society and can use downsizing as a repayment vehicle.

The society has also enhanced its offering for first-time buyers by increasing the maximum loan size for 90% LTV- 95% from £300,000 to £325,000.

A range of two and three-year fixed products for borrowers with a deposit of just 5% at rates starting from 2.89% are now offered by the lender.

Heather Crinion, general manager of operations at Marsden Building Society said; “We’re positioned to support first-time buyers and borrowers over the age of 55 and our new product changes reflect this with a reduction in rates and changes to our criteria.

“We’ve strengthened our older borrower range and remain committed to providing interest-only solutions for later life clients.

“In reducing the amount of products that we offer in this market we hope to make it easier for intermediaries to source and have retained our 0.60% procuration fee for this range.

“We’re finding that there’s a growing demand for interest-only retirement mortgages from intermediaries and their clients.

“Our older borrower range fully supports this offering fixed and discount products for repayment or interest only but the main pull for many has been our allowance of downsizing as a repayment vehicle.”

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