Marsden Equity Release: What to Know in 2024
Contributors:
Expert Verified- Marsden does not offer equity release products but provides other financial services that might be suitable for homeowners exploring alternatives.
- Consider Marsden’s available financial products, such as mortgages or savings accounts, which may help meet your financial needs without tapping into home equity.
- Explore Marsden’s resources for guidance on financial planning and options that might complement or offer alternatives to equity release.
Are you considering Marsden for equity release solutions?
It’s important to note that Marsden does not offer equity release products; however, as you approach retirement or explore your financial options during retirement, understanding which institutions provide what services can significantly influence your planning.
Selecting the best company for your equity release needs is a critical step in securing your financial future, but assessing the alternatives can be just as important.
Ensuring that you have accurate and up-to-date information will help you make the most informed decision for yourself and your family.
In This Article, You Will Discover:
We have spent time gathering the latest brand information with multiple experts to compile a guide of the brands in the industry, and as experts in the field, we have done the research, unpacked equity release plans on the market, and discovered the best in the business.
Therefore:
NOTE: Every Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Marsden. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Marsden.
Who Is Marsden Building Society?
Marsden Building Society is known for providing secure and tailored financial solutions in the equity release market.
Who Is Marsden Building Society?
The Marsden Building Society is a building society based in Nelson, Lancashire, UK. It was founded in 1860.1
It is a member of the Building Societies Association, a UK-based trade association for building societies.2
What Services Does Marsden Building Society Offer?
Marsden offers a range of later-life lending solutions to support borrowers over the age of 55.
The Older Borrower Mortgage is a range of conventional mortgages available to applicants aged 55 to 85, created specifically for retired homeowners who need access to the equity in their homes to improve their retirement lifestyle.
It comes with a maximum term based on the age at the time of application of the oldest client.
The retirement interest-only mortgage (RIO) is an alternative to equity release.
The RIO product range is an interest-only product up to 55% LTV with no capital repayment until the borrower dies or enters long-term care.3
How Can Marsden Enhance Your Financial Solutions Experience?
Marsden can enhance your financial solutions process with expert advisers and personalised service for every customer.
How Do Marsden Intermediaries Enhance Your Retirement Finance Experience?
Marsden intermediaries enhance your retirement finance experience by tailoring the equity release process to your specific needs.
They offer personalised advice, ensuring that the equity release plan you choose aligns perfectly with your financial goals and circumstances.
Their expertise not only simplifies complex terms but also navigates you through the application process, making it straightforward and stress-free.
Does Marsden Offer Equity Release or Lifetime Mortgages?
No, Marsden does not offer traditional equity release or lifetime mortgages.
It offers older borrower mortgages and RIO mortgages* as alternatives to equity release.
* Both of these later-life lending products have temporarily been withdrawn.
What Makes Marsden’s Financial Options Unique for Lancashire Homeowners?
Marsden’s financial options stand out for Lancashire homeowners by offering locally tailored solutions, competitive rates, and community-focused services that address specific regional needs.
What Is the Nature of Equity Release for Lancashire Homeowners?
Equity release provides a solution for individuals over 55 to tap into their home’s equity for cash, although Marsden does not directly offer this service.
This allows for financial utilisation of your property’s value without parting with it.
The loan’s repayment is characteristically delayed; it’s completed after the house’s sale, often after life-changing events like the owner’s demise or relocation to a care facility.
How Does Marsden Building Society Serve the Nelson Community?
Marsden Building Society serves the Nelson community by providing bespoke financial products, local customer service, and community-driven initiatives that support the area’s unique needs.
This personalised service includes comprehensive advice and support, helping homeowners in Nelson navigate their financial options effectively.
With a focus on community engagement and understanding local needs, Marsden Building Society stands as a reliable partner for those considering retirement financial solutions in the area.
Why Might You Consider Marsden for Equity Release?
Marsden is considered for its competitive rates, local expertise, and comprehensive support services.
Why You Could Consider Marsden
You could consider Marsden as it was one of the first lenders to offer later-life products.
It has two product ranges for clients aged 55 and over, namely Older Borrower and Retirement Interest Only (RIO) Mortgages.
Marsden offers a three and five-year fixed rate RIO for homeowners aged 55+.
You need to own a property valued at a minimum of £150,000 to qualify. You can get a loan up to a maximum of 50% of the property’s value and a minimum of £20,000.
Marsden will use your pension income to access affordability. The minimum income must be £17,500 and with joint applications, both applicants must have the income to repay the monthly interest repayments.
The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount.
What Are the Advantages and Disadvantages of Marsden Equity Release?
The advantage of Marsden is it understands the needs of later-life borrowers, while the disadvantage of Marsden is it does not offer equity release products.
Benefits of Choosing Marsden for Equity Release
The benefits of Marsden are:
- It understands that borrowers in retirement have different needs.
- It is a responsible lender that considers affordability and suitability before lending.
- It does not require a credit score.
- You can continue to live in your home.
Risks Associated with Marsden Equity Release
The risks of Marsden are:
- It does not offer equity release.
- You will need to make monthly payments.
- You will need to show affordability.
- You will need to have a minimum retirement income of £17,500.4
How Competitive Are Marsden’s Equity Release Terms?
Marsden provides some of the most attractive interest rates and fees in the equity release market.
What Are Marsden Building Society Interest Rates?
Marsden’s Older Borrower Mortgage and RIO Mortgages have temporarily been withdrawn from their product offering.
Currently, annual equity release interest rates can be available from 5.25% to 6.30% AER*.
*While we regularly review our rates, these may have changed since our last update.
How Competitive Are Marsden Building Society’s Interest Rates for Equity Release?
Marsden Building Society’s interest rates for equity release are designed to be competitive, offering you value while ensuring your financial security.
They closely monitor the market to adjust their rates accordingly, ensuring that you receive a fair and attractive proposition.
This competitive edge means you can enjoy lower monthly costs and potentially higher lump sum releases, making Marsden an appealing choice for your equity release needs.
What Are Marsden’s Fees for Equity Release?
Marsden offers scheme incentives, which include free valuation and a contribution to legal fees.
How Does Marsden Simplify the Equity Release Process?
Through digital tools and clear guidance, Marsden makes the equity release process straightforward and efficient.
Does Marsden Have an Alternative to an Equity Release Calculator?
No, it does not have an equity release calculator or an alternative.
However, if you are looking to release funds through equity release, why not use this fast calculator below to see approximately how much you could release?
How Does Marsden’s Digital Platform Simplify the Equity Release Process?
Marsden’s digital platform streamlines the equity release process by providing easy access to tools like online calculators and application forms.
This means you can quickly get estimates on how much you could release from your home and proceed with applications at your convenience, all from the comfort of your home.
The platform’s intuitive design and 24/7 accessibility eliminate traditional paperwork hurdles, making the journey towards unlocking your property’s value smoother and faster.
What Steps Should You Take to Notify Marsden of a Death in the Context of Equity Release?
In the unfortunate event of a borrower’s death, notifying Marsden is a straightforward process.
The first step is to contact Marsden Building Society directly, either through their customer service line or via a written notice.
They will guide you through the necessary steps, which typically involve providing a death certificate and discussing the options for repaying the equity release, ensuring the process is handled with sensitivity and efficiency.
What Do Customers Say About Marsden Equity Release?
Customer reviews highlight Marsden’s excellent service, reliability, and supportive approach to equity release.
Marsden Customer Reviews
Before you consider Marsden, it is a good idea to see what their customers say about them:
Marsden Complaints
If you like to lodge a complaint with Marsden, you can do so directly on its website or write to:
Marsden Intermediaries, 6-20, Russell Street, Nelson, Lancashire, BB9 7NJ.
How to Engage With Marsden Building Society?
Contacting Marsden is easy via phone, online platforms, or visiting local branches for personalised advice.
How Did We Review the Information on Marsden Equity Release?
Our team conducted extensive research to understand who Marsden is and what it offers.
NOTE: This article is an unaffiliated, third-party, independent review of Marsden.
FCA Details for Marsden Building Society
Marsden Building Society is fully regulated by the Financial Conduct Authority, ensuring secure and fair equity release schemes.
Trading Names
Marsden Building Society
FCA Permitted Services
- Banking
- Insurance
- Mortgages and Home Finance
- Pensions
- Investments
- Other activities
Regulators
- Financial Conduct Authority5
- Prudential Regulation Authority
Registration Numbers
FCA Ref Number: 206050
FCA and Companies House Links for Marsden
FCA Link: FCA Link
How to Contact Marsden Building Society
- +44 1282 440 500
- intermediaries@themarsden.co.uk
- Marsden Intermediaries 6-20, Russell Street, Nelson Lancashire, BB9 7NJ.
Common Questions About Marsden Equity Release
Is Marsden Building Society a Member of the Equity Release Council?
Who Owns Marsden Building Society?
How Can You Find Job Opportunities at Marsden Building Society?
Does Marsden Provide Equity Release Solutions?
How Safe Is Equity Release with Marsden?
What Are the Features of Marsden Equity Release?
How Does Marsden Equity Release Work?
What Are the Pros and Cons of Marsden Equity Release?
How Can I Apply for Marsden Equity Release?
Are There Any Risks Associated with Marsden Equity Release?
Conclusion: Navigating Equity Release with Marsden
Marsden does not offer equity release, but it has two products for borrowers over 55, Older Borrower and Retirement Interest Only Mortgages.
These products are excellent alternatives to equity release if you have the means to make monthly payments in retirement and want to maximise the inheritance you leave for your beneficiaries.
Marsden is authorised and regulated in the UK by the Financial Conduct Authority and is therefore safe.
If you are looking for an excellent alternative to equity release, Marsden is worth considering.
The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.