Marsden Building Society has widened its product range for older borrowers, including cutting prices and increasing LTV bands.
Previously Marsden had two products for older borrower, both two-year discounts.
One was interest-only at up to 40 per cent LTV at 2.99 per cent, and the other was a repayment mortgage at up to 60 per cent LTV at 2.79 per cent. Both have £299 booking fees and £299 arrangement fees.
The lenders new range is shown in the table below.
The society’s changes apply to borrowers between 55 and 85.
Marsden Building Society head of lending Steve Robinson says: “The changes are a result of the feedback we have received from our intermediary brokers. It was suggested that their clients were in need of increased product options and improved access to mortgage finance. The changes to our portfolios have seen an increase in product types, reduction in minimum property value and the introduction of higher LTV bands too.
“As a responsible lender, it’s important that we meet the needs of our members both present and future and that age should not be a barrier if we deem it responsible to lend.”
Building Societies Association head of mortgage policy Paul Broadhead says: “As our interim report Lending into Retirement found, the ageing population is materially changing the demand for borrowing into and in retirement.
“It is encouraging to see the Marsden and a number of other societies reacting positively and flexibly to this demographic change. It is clear that building societies continue to lead the way in serving a broad spectrum of borrowers’ needs.”