Marsden Equity Release: What to Know in 2024

Marsden Building Society does not directly provide equity release, but instead offers alternative products and financial guidance for customers. It's important for customers to consider the potential impacts on inheritance and entitlement to means-tested benefits when exploring these options.
  • Last Updated: 17 May 2024
  • Fact Checked Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui
What Is Marsden Equity Release and How Does It Work? Find Out Who Marsden Is and What Products It Offers Later-life Borrowers With Equity in Their Property...
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Key Takeaways
  • 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:

    Who Offers the Lowest Rates in 2024?

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    Request a FREE call back & discover:

    • Who offers the LOWEST rates available on the market.
    • Who offers the HIGHEST release amount.
    • If you qualify for equity release.
    Marsden Building Society Equity Release

    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.

    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 Your Financial Solutions?

    Consider Marsden for your financial solutions due to their reputation for reliable service, competitive products, and a strong focus on customer needs and community support.

    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 age, health, and lifestyle factors in order to provide an enhanced amount.

    What Are the Advantages and Disadvantages of Marsden?

    The advantage of Marsden is that 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

    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

    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 Financial Terms?

    Marsden’s financial terms are highly competitive, offering favourable rates and conditions that are designed to meet the diverse needs of their clients effectively.

    What Are Marsden Building Society Interest Rates?

    Marsden’s older borrower mortgage and RIO mortgages have temporarily been withdrawn from their product offering.

    However, generally, annual equity release interest rates can be obtained from 5.25% to 6.30% AER*.

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

    What Are Marsden’s Scheme and Plan Fees?

    Marsden’s scheme and plan fees are structured to be transparent and competitive, encompassing arrangement, valuation, and legal costs to facilitate financial planning and transactions.

    Marsden also offers scheme incentives, including free valuation and a contribution to legal fees. 

    How Does Marsden Simplify the Financial Services Process?

    Marsden simplifies the financial services process by offering clear, straightforward products, online tools for easy management, and personalised customer support to assist with all client needs.

    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 Retirement Financial Solutions Process?

    Marsden’s digital platform simplifies the retirement financial solutions process by offering intuitive online tools for quick applications, easy access to information, and streamlined communication.

    The platform allows clients to easily access account information, apply for products, and manage their finances online, which streamlines the banking process and improves accessibility.

    This is particularly advantageous for routine transactions, viewing account balances, and making payments, all of which can be done securely and conveniently from home.

    Additionally, the platform supports secure communication channels that enable customers to interact directly with financial advisors; this feature is crucial for obtaining personalised advice and support, especially for more complex financial decisions like mortgage applications or investment strategies.

    What Steps Should You Take to Notify Marsden of a Death in the Context of Equity Release?

    To notify Marsden of the unfortunate occurrence of a death in the context of a mortgage, contact their customer service directly, provide the necessary documentation, and discuss the next steps for the mortgage account.

    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’s Financial Services?

    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 would 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?

    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

    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 Financial Solutions 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.

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