Marsden Building Society are adding to their existing range of ‘older borrower’ options and introducing RIO mortgages.
Marsden’s latest lending solution is available to applicants over the age of 55 who are looking for an interest only mortgage with no plans to downsize and who wish to remain in their home. The RIO is a 3-year fixed rate 3.49% available to 50% loan-to-value (LTV) through sourcing systems for all intermediaries.
Steve Robinson, head of lending at the Marsden, said: “We feel it’s a strong addition to our lending solutions and partners well with our older borrower range supporting more customers over the age of 55 with mortgage options in retirement. The product set is available for remortgage and house purchase with mortgages up to £750,000.
“The range differs slightly from our existing older borrower range as each borrower must demonstrate affordability and the sole option for repayment is triggered by a life event which sees the sale of property being the repayment solution.
“We’ve created another section on our website for the RIO and developed tailored toolkits including criteria and product portfolios so that brokers have access to everything they need”