Marsden Equity Release and Lifetime Mortgage Review in 2024

Does Marsden Offer Equity Release? Find Out Who Marsden Is and What Products It Offers Later-life Borrowers With Equity in Their Property…
  • Last Updated: 05 Feb 2024
  • Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui

Key Takeaways

  • Marsden offers Older Borrower Mortgages and Retirement Interest Only (RIO) Mortgages as alternatives to equity release.
  • These products are designed for homeowners aged 55 and over, emphasizing affordability and suitability.
  • Marsden doesn’t offer traditional equity release but focuses on tailored later-life lending solutions.
  • For eligibility, a minimum retirement income and property value are required.
  • It's a responsible lender, considering borrower's needs without requiring a credit score.
  • Currently, equity release rates are between 5.20% to 6.30%*

Are you wondering if Marsden offers equity release?

If you are approaching retirement or are already retired and looking at your options to fund your retirement, you may have considered equity release.

Finding the best company for equity release for your needs is a necessary and very important step in this process.

You will want to make sure you have all the information to make the best decision for you 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.

    As experts in the field, we have done hours of research, unpacked equity release plans on the market, and discovered the best in the business.

    Therefore:

    NOTEEvery 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.

    Equity Release in a Nutshell

    Equity release provides a solution for individuals over 55 to tap into their home's equity for cash. This allows for financial utilization of your property's value, without parting with it.

    The loan's repayment is characteristically delayed; it's completed from the house's sale, often after life-changing events like the owner's demise or relocation to a care facility.

    Who Is Marsden?

    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

    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 Services Does Marsden 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. 

    It was 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 application of the oldest client.

    The Retirement Interest Only Mortgages 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

    Does Marsden Offer Equity Release or Lifetime Mortgages?

    No, Marsden does not offer traditional equity release.

    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 Are Marsden’s 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 5.20% to 6.30% AER*.

    *While we regularly review our rates, these may have changed since our last update.

    What Are Marsden’s Fees?

    Marsden offers scheme incentives, which include free valuation and a contribution to legal fees.  

    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?

    What Are The Advantages and Disadvantages of Marsden?

    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.

    Marsden Pros

    The pros 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.

    Marsden Cons

    The cons 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 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.

    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.

    Marsden FCA Details

    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 Link

    FCA Link: FCA Link

    Marsden Contact Number and Address

    • +44 1282 440 500
    • intermediaries@themarsden.co.uk
    • Marsden Intermediaries 6-20, Russell Street, Nelson Lancashire, BB9 7NJ.

    Common Questions

    Is Marsden a Member of the Equity Release Council?

    Who Owns Marsden?

    How Can You Apply for a Job at Marsden?

    Does Marsden Offer Equity Release?

    Is Marsden Safe?

    In Conclusion

    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.

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