Marsden announces updates to RIO products

Marsden Building Society has further enhanced its Retirement Interest Only (RIO) products with two additional features.

RIO customers can now benefit from free valuations across all cases and fee assisted legals on remortgage cases.

These latest changes follow a number of recent criteria updates to help provide more flexibility and accessibility to clients aged 55+ seeking mortgages in retirement.

The previous updates included the acceptance of 55+ retirement properties (referral required for a flat or a mixed private/social housing development), second homes for family members and large acreage properties.

Katie Broome, Product Manager at Marsden Building Society, commented: “We understand the increasing need for flexible and affordable solutions that support those who require a mortgage in later life. Whether they’re taking out a mortgage to release equity or to help a family member get onto the property ladder, we work closely with our broker partners to better understand the needs of our borrowers. We hope that these extra additions will help make a RIO mortgage more accessible for clients.”