Marsden Building Society has made several changes to its later life mortgage criteria, including increasing lending limits by up to five-times a borrower’s income for pound-for-pound remortgages.
This covers the outstanding principal loan balance only and associated fees are excluded.
The enhanced policy was the result of broker feedback, and applies to later life and retirement interest-only (RIO) mortgage ranges.
In addition, the maximum age limit for later life mortgages was set at 90 at the end of the mortgage term and 85 at the start, eliminating the need for ONS data.
The maximum loan amount has also been increased from £750,000 to £1,250,000.
Loan sizes above £750,000 will be subject to a 0.40% arrangement fee.
Donna Barclay, head of credit at Marsden Building Society, said: “We’re committed to understanding the evolving needs of our borrowers and are pleased to announce these significant changes to our lending policies, which will offer greater flexibility and accessibility.
“Intermediary feedback plays a critical role in the development of our products and these changes have been implemented to address the needs and concerns of our brokers and their clients.
“We’re confident that our updated criteria will be popular with borrowers and will help make lending in later life a genuine option for more people.”
