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Equity Release Club links with Marsden BS to support lending to the retired mortgages PDF Print E-mail
Monday, 14 September 2015

The Equity Release Club, the distributor and ‘one stop shop’ for equity release advisers, has today announced a link-up with Marsden Building Society supporting new mortgage products for those in retirement.

The first product available to Equity Release Club members through the Marsden is a two-year discounted offering lending to customers already in retirement, where income is guaranteed and proven.
 
The Marsden product is available at two LTV levels; 2.99% up to 40% LTV on an interest-only basis, and 2.79% up to 60% LTV on a repayment basis. The discounted rate is until the 31st January 2018 with a booking fee of £299, an arrangement fee of £299 and an early repayment charge applicable during the period.
 
Applicants for the mortgage must be over 55 years old (up to a maximum of 85 by the end of the term) and the individual(s) must be in receipt of pension income. Employed income is not considered however income from property and investments is acceptable if it is evidenced by SA302s or an annual investment statement.
 
The minimum property value is £200k, and the product is available for purchases, remortgages or unencumbered properties. The property has to be the applicant’s permanent main residence.
 
Other benefits on the product include:

·         Free standard valuation.
·         Fee-assisted remortgage legals.
·         All products are portable.
·         5% annual overpayments.
 
Stuart Wilson, Managing Partner of the Equity Release Club, commented:
 
“The area of lending to those already in retirement has been pushed up the mortgage agenda because of the fall-out from MMR and the tightened criteria and affordability that many lenders have introduced. This has led to many potential borrowers in this situation being unable to access the finance they want.

“Now, however, we are seeing certain forward-thinking lenders realise the market gap here and tailoring their offerings to those with known and provable retirement income. This is why we are particularly pleased to be working with the Marsden who are at the front of the lending pack with this type of product innovation. We firmly believe our members will have many clients in this predicament and therefore these lending to the retired mortgage products should find a willing audience.

“Overall, this is part of a big development push by the Equity Release Club to understand a more diverse borrowing demand from consumers and to work with members and provider partners to identify products specifically for older clients.”
 
Heather Crinion, General Manager (Operations) at Marsden Building Society, said:
 
“We’re delighted to offer our Lending to the Retired products to Equity Release Club members. Intermediaries are at the forefront of our business and we are delighted with the Equity Release Club’s approach to provide an alternative for customers in instances where equity release might not necessarily be the best option for them.

“We appreciate that brokers will have some questions with the portfolio being new and for those that may not have used the Society before. We are encouraging them to get in touch and speak to our intermediary team to discuss criteria and answer any questions they may have.”


(Source - Equity Release Club Press Release)
 

 
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