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Marsden BS makes raft of affordability changes for later life borrowers
Marsden Building Society has made further changes to its affordability model, so more customers aged 55-85 can boost their borrowing.
Later life borrowers using Marsden Building Society can benefit from five times income multiples on pound-for-pound remortgage cases on later life and retirement interest-only (RIO) deals, subject to affordability criteria.
The firm said that this covers the outstanding principal loan balance only and associated fees are excluded.
The maximum age limit at Marsden Building Society is now 90 at the end of the mortgage term, and earned income is accepted until the age of 75.
The minimum equity requirements for downsizing are subject to the underwriter’s discretion at the point of application.
Donna Barclay, head of credit at Marsden Building Society, said of the affordability model changes: “We’re committed to supporting borrowers in later life who are seeking mortgage solutions for a variety of reasons, including helping family members achieve their homeownership goals.
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“As part of our commitment to later life lending, we’re regularly reviewing our criteria to meet the evolving needs of our members. By making these key changes, we hope to make lending in later life more accessible to more people.”
Last year, Marsden launched with LMS Secure Link to streamline the conveyancing process and improve case query turnaround times.