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The Marsden Building Society
The Marsden Building Society
ABOUT The Marsden Building Society
Founded in 1860, Marsden Building Society has grown steadily and today has assets of over £310 million, 15 branches across the North West and over forty thousand members.
Marsden is a mutual organisation and therefore unlike high street banks does not pay a dividend to shareholders, enabling it to pass on any extra benefits directly to its members.
As with most local societies they support their local area and are at the heart of a wide range of groups and events in the North West.
The Marsden have various types of mortgage on offer:
- Fixed rate
- Discounted rate
- Tracker
- Capped
- Standard Variable rate
- Cashback
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Fixed rate mortgages are the most secure option. The mortgage is fixed for an agreed period (Marsden offer 5 and 10 year periods) after which time the mortgage reverts to the standard variable rate. Arrangement fees are applicable. An early repayment charge applies although you can make overpayments. The interest on this type of mortgage is calculated daily.
Discounted mortgages appeal most to people who want lower initial payments when they take out a mortgage. The mortgage payments are lower for an agreed period and the Marsden offers 3, 5 and 10 year discount mortgages. After this term your mortgage reverts back to the Marsden standard variable rate. An arrangement fee is applicable. Overpayments are allowed and an early repayment charge does not apply. The interest on this type of mortgage is calculated daily.
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Tracker rate mortgages follow the Bank of England base rate. Your interest rate is set according to the Bank of England base rate plus the society’s charge. Tracker mortgages are available for 3 year terms. After this term your mortgage reverts back to the Marsden standard variable rate. Overpayments are allowed and there is no early repayment charge. The interest on this type of mortgage is calculated daily.
The capped rate mortgage is for a 5 year term. The interest rate of your mortgage will not go above an agreed figure for this period. After this term your mortgage reverts back to the Marsden standard variable rate. Arrangement fees are applicable. Overpayments are allowed but an early repayment charge applies for the capped period. The interest on this type of mortgage is calculated daily.
The standard variable rate mortgage has no arrangement fee and no early repayment charge. Overpayments are allowed. Interest is calculated daily.
The cashback mortgage is based on the Bank of England repurchase rate plus the society’s charge. The interest of the mortgage is set at this rate for 5 years and it then reverts to the standard variable rate. 5% of the mortgage is cashback and the maximum payment is £15,000. An early repayment charge applies only for the initial agreed period. Arrangement fees are applicable.
Should you be interested in a mortgage quotation including those offered by the Marsden Building Society please complete our quick enquiry form. |
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