Marsden Building Society has announced a rise in the loan to value (LTV) across its Later Life, Lending into Retirement and Retirement Interest Only (RIO) mortgage products.
For the mutual’s Later Life and Lending into Retirement ranges, the LTV has increased from 60% to 70%, and from 55% to 65% for its RIO mortgages.
The Marsden says increasing the LTV across its Later Life solutions will enable it to provide greater support to applicants aged 55+ seeking mortgages during or into retirement.
This latest update follows changes to the Society’s mortgage criteria earlier this year, including increased flexibility for pound-for-pound mortgages on Later Life and RIO mortgages, raising the age limit to 90 at the end of the mortgage term and increasing the maximum loan size to £1,250,000.
Donna Barclay, head of mortgages at Marsden Building Society, said: “We’re committed to supporting borrowers during retirement with accessible mortgage solutions, with broker feedback playing a crucial role in developing our products and criteria.
“Whether it’s for a home purchase, to fund home improvements, or to help a family member onto the property ladder, we’re confident that these changes to our LTV will make it easier for borrowers ages 55+ to secure the funding they need.”
