New 8 year fixed rate for borrowers up to 80 years old

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New 8 year fixed rate for borrowers up to 80 years old

National Counties Building Society is pleased to offer a mortgage tailored to the needs of borrowers approaching, or already in retirement and looking to deal responsibly with their outstanding debt.

The 8 year fixed rate mortgage product, available for remortgage, offers a competitive interest rate of 3.99% fixed until 28/02/2022.

It is available to people needing to borrow up to 60% of the value of their property and, despite have a 9 year mortgage term, only has early repayment charges for the first 5 years. The mortgage is available on a repayment basis only and calculates interest monthly.

By making the product available to customers up to the age of 80, this is one of the few mortgage products which actively seeks to help older borrowers and, coupled with National Counties’ personalised underwriting assessments, may allow existing homeowners to avoid trading-down.

Customers are able to withdraw equity from their existing main residence, with the reassurance of fixed monthly payments, and the structured repayment profile ensures that the initial debt is reduced steadily to zero over the 9 year term.

Keith Barber, Associate Director of Business Development at National Counties Building Society, said:

“There are more than 1.6 million retired people with an outstanding mortgage in the UK and a further 600,000 with interest-only mortgages that are due to mature. We are trying to address this area with a mortgage that enables people to put in place a structured and affordable repayment plan with the comfort of known monthly repayments.

“We take our lending responsibilities seriously and our experienced underwriters individually assess each application. This approach enables us to look at each case on its merits. We are committed to offering solutions which will support existing homeowners at a time when family finances are under pressure.”

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Latest Comments

Good advice makes a huge difference to people when they are navigating their choices on savings and retirement, but the rules today have not kept pace with people's needs.

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There are a number of significant changes that have far reaching consequences and see the most radical change to insurance law for more than 100 years.

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The mortgage market got its skates on in June, playing catch-up after May's stumble in lending.

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The market is likely to become increasingly competitive in future months, as low inflation, low rates and rising wages will act as a catalyst for demand.

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The opening of the demand flood-gates is likely to drive house price inflation to new highs in the future unless more houses are built to bring balance to the market.

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magnus duke dadzie
magnus duke dadzie 22 Jul 2015

Well done to Chris and the team...Keep on tracking

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Graham
Graham 21 Jul 2015

Excellent products but 'Market leading service' - who on earth are they trying to kid? They have been the single worst mortgage company for service for years. If they can keep spouting such rubbish as

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Younger people looking to get a foot on the ladder are facing fierce competition and this, along with the lack of supply, is driving up prices at a faster rate when compared to larger properties.

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Melanie Prendivillle
Melanie Prendivillle 18 Jul 2015

Martin Wheatley is the best man for the Job. What a shame that George Osborne doesn't think so. He was the only one who knew what was going on and stopped the banks from running riot. The consumers were...

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lotuscat
lotuscat 17 Jul 2015

Should have departed long ago, seems to have lacked judgement and presided over several disasters

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Activity in the housing market has failed to reach the levels anticipated at the start of the year and this picture is backed up by today’s CML data.

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john howard
john howard 12 Jul 2015

awesome!

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