Marsden Building Society has made a series of changes to its later life mortgage criteria, including extra property types and second homes for those aged over 55.
The mutual said its criteria changes were designed to offer increased flexibility and accessibility for later life clients, applicable to the Later Life, Lending into Retirement and Retirement Interest Only (RIO) mortgage ranges.
The updates include:
- 55+ retirement properties are now on the list of acceptable properties. A referral is required if the property is a flat or a mixed private/social housing development.
- Foreign pension and property rental income have been added to the society’s list of acceptable income.
- Attached or detached annexes are accepted across all mortgage ranges, providing the main residence is for personal use.
- Properties with up to 30 acres are now accepted, providing there’s no commercial usage or agricultural tenancies or ties.
- Second homes for immediate family or personal holiday use are now accepted.
Donna Barclay, head of mortgages at Marsden Building Society, said: “We’re always consulting with our broker partners to ensure we’re providing the most suitable products for their clients.
“These latest revisions reflect our commitment to providing specialist mortgage solutions in later life, which is why we’re excited to unveil our revised criteria for 2025.
“We’re confident that these updates will help to expand the support available to our brokers and their clients aged 55+.”
