Marsden Building Society has increased lending limits to up to five times income for pound-for-pound remortgages on later life and retirement interest-only (Rio) mortgages.
The maximum age limit for later life mortgages has been set at 90 at the end of the mortgage term; 85 at the start, eliminating the need for ONS data.
The amount that can be borrowed has increased from £750,000 to £1,250,000, while loans above £750,000 will be subject to a 0.40% arrangement fee.
“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.”
Meanwhile Mansfield Building Society has cut rates on its credit repair products by up to 0.60%.
The range now includes a two-year fix at 7.39% and a two-year discounted variable rate 1.70% below its SVR (current pay rate 7.19%). There are no completion fees on either product and both come with basic legal fees for remortgages secured on properties in England and Wales.
The range is open to borrowers who have experienced credit problems such as missed payments, defaults, debt management and bankruptcy and is available up to 70% LTV.
Mansfield Building Society intermediary sales manager, Tom Denman-Molloy, said the rate reduction gives a real boost for individuals looking at their mortgage options, especially those that need extra helping getting back on their feet.
“Although Bank Rate appears to be stabilising and inflation reducing, cost increases continue to put pressure on household expenditure,” says Denman-Molloy.
“We want to make sure we’re doing everything we can to help everyday borrowers with their mortgage needs, making it more cost effective for them to access our expansive criteria and flexible underwriting approach.”
