The Marsden Building Society

Marsden Building Society was established in 1860. It has grown steadily, and today has over £310 million in assets, 15 branches across the North West and over40,000 members. Marsden is a mutual organisation and therefore does not pay dividend to shareholders, enabling it to pass on any extra benefits directly to its members. As a local society 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

Fixed rate mortgages: these are the most secure mortgage option. The mortgage is fixed for an agreed period, which can be 5 and 10 year periods. After this fixed period ends, the mortgage converts to the standard variable rate. Arrangement fees are applicable. An early repayment charge applies, but you can make overpayments. The interest on this mortgage type is calculated daily.

Discounted mortgages: convenient to people who want lower initial payments as they take out a mortgage. The mortgage payments are lower for an agreed period, which can be 3, 5 and 10 year. After this period your mortgage goes 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.

Tracker rate mortgages: these follow the Bank of England base rate. Your interest rate is set according to the Bank of England base, with the society's charge added. Tracker mortgages are available for 3 year periods. After this your mortgage goes back to the Marsden standard variable rate. Overpayments are allowed and there is no early repayment charge. The interest is calculated daily.

The capped rate mortgage: this is set for a 5 year period, during which interest rate of your mortgage will not go above an agreed amount. When this period concludes your mortgage goes 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 is calculated daily.

The standard variable rate mortgage: for this type of mortgage there is no arrangement fee, no early repayment charge, and verpayments are allowed. Interest is calculated daily.

The cashback mortgage is set according to the Bank of England repurchase rate, with the Society's charge added. The interest of the mortgage is set at this rate for 5 years and it then goes back 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 cashback period. Arrangement fees apply.

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