Over 55s: Why buying a home in Preston isn't a pipe dream
It's not uncommon to assume that, heading into retirement, a mortgage isn't a possibility. Yet it could be easier than you think.
While there are certain barriers to finding a mortgage in later life, whether that’s down to age or retirement status, Marsden Building Society offer a solution for those looking to borrow as they approach their next chapter in life. With a range of mortgages available to those aged 55 plus, Marsden Building Society has a specialist team of advisors there to offer support and answer any questions you may have.
Here are some of the most common questions the Marsden team are asked about mortgage solutions for those aged 55 plus…
I’m 62 and some lenders tell me I’m too old to take on a retirement mortgage. What do you say? The average age of our 55 plus mortgage applicant is 67, with some customers in their 80s looking for a mortgage solution. We don’t believe age should be a barrier when customers can evidence their affordability and have suitable repayment plans.
Can I afford to take on a 55 plus mortgage?
This differs from person to person and our mortgage team take various things into consideration. As a starting point, we advise that each application (this could be joint or single) needs a minimum income of £17.5k which could be through pension income or employed income (up to the age of 75). However, we also take other things into consideration to support this which is why it’s always beneficial to get in touch with our team to talk through your personal circumstances.
Will I have to pay for advice if I contact the Marsden Building Society?
No, you won’t pay anything for the information or advice you receive from our team. If you decide to proceed with the mortgage, dependent on the product that has been recommended, you may pay an arrangement fee if you choose to proceed which can be added to your mortgage.
I already have an interest only mortgage and want to extend the mortgage term, is it possible to do this?
Yes, we offer interest only and repayment options for both purchase and remortgage so we can consider your existing interest only mortgage. If you have a suitable repayment method we can work with you to find a mortgage solution to meet your needs.I’m nervous that I might make a decision that I can’t afford.
If the product isn’t right for you, we’ll let you know. If you or your family want more information, we’re always happy to talk through the options available. Our qualified mortgage advisors will ensure that you can be confident you’re taking the right approach.We’re here to help:
Steve Robinson, Head of Lending at the Marsden says: “Looking at your mortgage options once retirement is on the cards isn’t always straightforward but we’re working hard to raise awareness around this to help customers understand the options that are available.”
One couple seeking a retirement mortgage, Mr and Mrs Carter, didn’t know which way to turn until they discovered Marsden Building Society. They approached Marsden’s specialist mortgage team who supported them with advice. You can read their story here.
If you have more questions, the Marsden’s specialist mortgage team is available six days a week. The team can be contacted on 01282 440537 Monday-Friday 9am-5.30pm as well as Saturdays from 9am till noon.
The team supports with no obligation advice.
For more details go to www.themarsden.co.uk/over55mortgages
Your home may be repossessed if you do not keep up repayments on your mortgage