Equity Release Club has announced a new relationship with the Marsden Building Society.
The mutual’s older borrower range of mortgages will now be accessible to advisers. 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 55-85.
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% for a two-year discount, and 2.59% for a three-year discount, plus two-year fixes from 2.89%.
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% 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% of total income generated from buy-to-let property.
Stuart Wilson, director at Equity Release Club and AIR Sourcing, said: “We are very pleased to announce this new relationship with the Marsden Building Society and to be offering its older borrower mortgage range to cub members and via AIR Sourcing.
“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’saffordability and underwriting criteria when it comes to conventional mortgages.
“We are looking forward to forging this new relationship with the Marsden and working together to support our adviser members and their clients.”
Heather Crinion, general manager (operations) at the Marsden Building Society, added: “We’re delighted to be joining with Equity Release Club to offer our older borrower range. This range offers a conventional mortgage option for clients, where a lifetime mortgage may not be the most appropriate one for their needs. Our teams individually underwrite each case ensuring a common sense approach is taken for every case.
“We also encourage advisers to get in touch should they be facing difficulty with a case for an older borrower as we will always go the extra mile to see if we can support them.”