Equity Release Club, the equity release and later life lending distributor, will offer the Marsden Building Society conventional mortgage deals.
As part of a wide-ranging set of new products and services set to be made available to club members, the Marsden’s older borrower range of mortgages will now be accessible to advisers.
In addition to this, the products are also being launched on Air Sourcing, the sourcing system for equity release and retirement lending products.
Marsden Building Society’s older borrower range offers a conventional mortgage option for adviser’s clients aged between 55 and 85 who are in receipt of pension income.
A brand new range of older borrower products has now been launched with both repayment and interest-only options available.
Borrowers can choose from two and three-year discount and fixed rate products, with pricing starting at 2.39 per cent for a two-year discount, and 2.59 per cent for a three-year discount, plus two-year fixes from 2.89 per cent.
The Marsden has also announced a number of new criteria and changes including no upfront booking fees, interest-only and repayment available up to 60 per cent LTV for remortgages and house purchases.
The mortgage is underwritten on pension and investment income, and if the loan is interest-only, affordability is stress tested on interest-only.
In addition to this, the society will accept up to 25 per cent of total income generated from buy-to-let property.
Stuart Wilson, director at Equity Release Club and Air Sourcing, said: “While this product is a ‘traditional’ style mortgage requiring underwriting, we believe it is ideal for those borrowers who have income and want the best available rates on the market specifically for older customers.
“We are certain that the highly competitive pricing and the range of features available will be of keen interest to our club members and their clients.
“We have all witnessed a huge surge of clients being forced out by their current lenders as their mortgage terms expire, and we believe this product could be suited to meet the needs of clients who are not ready for equity release products but who are failing to meet lender’s affordability and underwriting criteria when it comes to conventional mortgages.”
emma.hughes@ft.com
