This week, Marsden Building Society has launched their 55+ lending solutions through its telephone advisor team. This means that customers are able to have direct access to the lender to discuss their mortgage options if they are looking to borrow and are approaching or in retirement.
Marsden have been lending to the 55+ markets through their intermediary channel since 2015 but with high demand they have also developed the offering so that the Marsden mortgage advisers can deliver it too. The Older Borrower range offers solutions for customers who are over the age of 55 and would like to borrow money both approaching and in retirement.
Building Societies are pioneering in this market with research from The Building Societies Association (BSA) ‘Lengthening the Ladder’ being published earlier this year highlights how the sector is working hard to find solutions to customers facing this challenge. The BSA has also released a paper on ‘Can I get a mortgage at my age?’ which is customer information guide providing information on things to take into consideration and options available too.
Heather Crinion, General Manager (Operations) at the Marsden says;
“Research highlights that we have an ageing population which as a consequence means there will be more customers looking to borrow into retirement. According to ONS research, the 55+ audience is set to double over the coming years, this combined with the FCA’s statement on Interest Only maturity peak highlights the demand for solutions in this market.”
“Since launching our product set in 2015 to mortgage intermediaries we’ve seen the appetite from customers looking for these solutions significantly increase year on year with this year set to double the cases we looked at in 2016. There are a growing number of customers who are looking for a more flexible approach to lending in later life whether they are looking to switch their interest only mortgage to a new lender to or simply for an alternative solution, or stepping stone to equity release or a lifetime mortgage in years to come. Our product range is specifically tailored to the needs of customers who are in or nearing retirement with interest only options available up to 60% LTV, repayment options up to 70% and the opportunity to downsize in retirement as a repayment vehicle.”
Launching direct means that customers have the opportunity to speak directly to the lender about their mortgage requirements and discuss any concerns that they may have.