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

Line Spacing+- AFont Size+- Print Forward to a friend Mortgages
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.”

No Comments

This Article Has No Comments Yet

But You can be first to leave a comment

Latest from Property Reporter

New ruling tests landlords boundaries

House prices a shade under 2007 peak according to Land Registry

Is the property ladder getting shorter?

House price growth declines for seventh consecutive month


Latest from Commercial Reporter

Kensington completes £497m securitisation

TFC Homeloans adds Castle Trust to lender panel

NACFB Commercial Finance Expo sells out

Manchester bridging lender joins the AOBP


Latest Comments

Freelancer Financials
Freelancer Financials 27 Mar 2015

For us that's great news as their lending criteria is Contractor Friendly. They place no restrictions on occupation or earnings which is great news for contractors. We've already placed some of clients...

view article

Savers don’t seem to have any further good news for the near future, and can only wait for the Bank of England to increase the base rate. Even then, I am not entirely confident that savers will feel any...

view article

A six month high in the value of lending and a second successive rise in the number of approvals shows that there is plenty of life in the market.

view article

Once the General Election is behind us, the property market could put the pedal to the floor again.

view article

For the mortgage market this could mean we see a fall in the costs of fixed rates once more as SWAP rates edge down.

view article

We need to use every facility we have to create the best outcomes for advisers and their clients and this joining of technology and human being is the best we have to offer.

view article

The Help to Buy ISA will help some households but we must guard against a situation where house prices rise faster than savings – the fate suffered by previous interventions in this area.

view article

A new £1,000 Personal Savings Allowance for basic rate taxpayers shows that the Chancellor has come round to our way of thinking, just in time for the last Budget before the General Election.

view article

Most pensioners across the country will now be considering the best way to use their new freedom and it is likely that many will decide that property investment yields are a more attractive investment

view article

The newly-announced Help to Buy ISA will no doubt be eagerly received... However, the money could have been better spent addressing the fundamental problems of affordability, high prices and a lack of

view article

Another reduction in the lifetime allowance is scandalously counter-productive. This pre-election gimmick is a disincentive to save as much as possible for retirement– and therefore it could be harmful...

view article

Affordability constraints remain a factor for would-be borrowers, but we are still projecting lending to pick up over the next few months.

view article

In The Spotlight

In the Spotlight with Roland McCormack, Intermediary Director at TSB

We spoke to Roland McCormack, Intermediary Director at TSB about rate rises and the challenges affecting brokers in the current market. Read more

Features

The future for pensions in bankruptcy

In anticipation of the government’s pension reforms, the importance of financial advice has been widely discussed, with online information, forums and seminars for both advisers and retirees becoming increasingly popular. Read more

Latest Tweets

Subscribe To Our Mailing List