Later Life Mortgages are growing in demand and with it is the range of options for intermediaries to offer to their clients. It’s another string to add to the intermediary bow but what do brokers need to be aware of when placing an Older Borrower?

Steve Robinson, Head of Lending at Marsden Building Society talks about the need for constant innovation in the Later Life Lending market and with it the support needed for intermediaries all of which is aimed at making the process of applying simple.

“At the Marsden, an Older Borrower case for is processed in the same way as a standard residential, however there are some differences in what we needed to confirm affordability to support affordability and client eligibility. We have created an Older Borrower checklist which supports each of our lending categories and provides intermediaries with a clear list of required information needed to support their client’s case.”

“Especially with Older Borrower cases, we were finding that intermediaries were often querying exactly what’s needed to confirm affordability so we put together our checklist to help to reduce any time spent back and forth for intermediaries and their clients. A good example of the benefits being our flexible affordability criteria around Older Borrowers where we accept pension income, earned income up to the age of 75 and income from property and investments too, the checklist shows how much of each source of income we will take and what is needed to evidence it from your client.”

“We understand that there’s so much that intermediaries have to contend with and as a lender we want to support the process to make it as straightforward as possible.”

More information can be found on the Marsden’s Intermediary website and checklists for Older Borrowers, Expat and other ranges can be downloaded here.

For more information, get in touch with our Intermediary Support Team on 01282 440583 or click here to download our Older Borrower checklist.