Business panel: ‘Age no barrier to a mortgage in retirement’
Are retirement mortgages in growing demand?
Marsden Building Society is supported by SPF Private Clients’ lender panel offering mortgage solutions for Guernsey residents. Rob Pheasey, chief executive at the Marsden, explains how mortgages in retirement are in growing demand in the UK, and why he believes it can provide a solution for the Guernsey mortgage market as well as what customers are looking for with their later-life lending needs.
‘THERE ARE many reasons customers are looking for a mortgage in retirement. Whether they’re looking to extend their existing mortgage, swap to interest only with plans to downsize in the future or are looking to do home improvements, release equity to support their lifestyle or help children on the property ladder, we could help.
‘Mortgages beyond the age of 55 can be a challenge, but there are options available. When we launched on the island with SPF Private Clients we introduced our 55+ mortgages which are available to customers in or approaching retirement.
‘We will look at pension income and earned income up to 75 to assess affordability and lend without a maximum age limit. The average age for our 55+ product in the UK is 67 and the majority opt for an interest-only mortgage with plans to downsize in the future.
Age isn’t a barrier for us. We take individual circumstances into account and our partners, SPF Private Clients, will be straightforward when discussing whether the product is suitable for your needs.’
In a further development, Rob also announces plans to bring the recently launched Retirement Interest Only mortgage from the UK to Guernsey in the new year too.
Marsden’s mortgage solutions are available with the expert mortgage support from SPF, who’ve been working together with the building society for more than two years, developing propositions that meet the needs of Guernsey residents.
Established in 1860, the Marsden brings a wealth of lending experience to the island and partnered with SPF to deliver more choice for Guernsey residents.
