Positive Lending is adding Marsden Building Society’s Older Borrower products to its lending portfolio.
The range offers a conventional mortgage option for clients aged 55+, ensuring that age is no longer an issue for borrowers who have retired.
The mutual recently launched 28 new older borrower products, which includes both interest-only options up to 60% LTV and repayment up to 70% LTV, and spans across two, three and five-year product terms.
The mortgage is underwritten on pension, earned 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.
Stephanie Charman, director of mortgages at Positive Lending, said: “With the growing need for later life lending options adding Marsden’s older borrower product range to our proposition enables us to provide comprehensive solutions for advisers.
“Their personal and experienced underwriting approach combined with competitive criteria makes them an ideal lending partner.”
“We’re delighted to be joining with Positive Lending to offer access to packaging for our older borrower range,” added Heather Crinion, general manager (operations) at the Marsden Building Society.
“Our older borrower range offers a conventional mortgage option for clients, where a lifetime mortgage may not be the most appropriate 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.”
