Marsden Building Society has announced an increase in the loan-to-value (LTV) across its later life, lending into retirement and retirement interest only (RIO) mortgage products.
For the society’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.
Increasing the LTV across its Later Life solutions hopes to provide greater support to applicants aged 55-plus seeking mortgages during or into retirement.
The latest update follows changes to Marsden’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 £1.25m.
Commenting on the changes Marsden head of mortgages Donna Barclay 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.”
She added: “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-plus to secure the funding they need.”
