hit counter

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 Comments

Profit for the quarter came in at £896m, compared to a loss last year, helped by a reduction in bad debt. Investors will be pleased to hear the bank continues with its cost cutting and is on track to achieve...

view article

Revenues in the second half were 1% lower than the first half which suggests that the operating trends in the business still remain challenging. However, the key focus is now on the new strategy that management...

view article

...the sands are shifting in the first-time buyer market. Loan-to-income caps announced in June have added further restrictions for lenders to factor in, on top of the tranche of regulations implemented...

view article
Freelancer Financials
Freelancer Financials 29 Oct 2014

This is great news. We'll definitely be pushing this out to our contractor clients. Another major advantage is its policy not to discriminate between IT and non IT professionals. Instead, they are open...

view article

In The Spotlight

Matt Edwards, Managing Director at e-finity Leads

We spoke to Matt Edwards, Managing Director at e-finity Leads, about technology and how brokers can source high quality leads. Read more

Features

Everybody wants a piece of the auction

[Special feature from Tomer Aboody, Director at MT Finance] Read more

Latest Tweets

Subscribe Our Mailing List