Mortgages in or approaching retirement

There are many reasons behind the growing demand for mortgages from customers over the age of 55.

By Steven Robinson, head of lending, Marsden Building Society

Difficulty remortgaging

Some customers find their existing lender won’t extend their interest-only mortgage when it comes to the end of its term.

Planning to downsize

With plans to downsize in the future, some individuals may face barriers to continuing their mortgage into retirement.

The Bank of Mum and Dad

Increasingly, one of the most popular lenders when it comes to supporting family is customers over the age of 55.

Whether mum, dad or grandparent, they want to release money from their own home to help a loved one buy their first home, fund university or purchase a first car.

Home improvements

Money can be released from a mortgage to invest in existing property.

Planning for the present

With many years paying off their mortgage and having plans to downsize in the future, some customers are opting to release the funds now to finally take that ‘holiday of a lifetime’ with plans in the future to downsize and pay off their mortgage.

Marsden Building Society has been delivering mortgages since 1860 and we have developed our 55+ mortgage range to support with the circumstances above - and many others! The Marsden’s 55+ mortgage range offers a conventional mortgage that can be taken into or in retirement as an alternative to a lifetime mortgage. Our expert team is on hand to give you free advice to give you more information or simply let you know if it would work for you and your circumstances.