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

tc 29 Nov 2015

Sounds like a decent proposal, too bad Halifax don't have an easy way to join online.. TC.

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Ouch. That's another blow to landlords, so soon after the cut in mortgage interest tax relief. In the space of two announcements, George Osborne has become Enemy No1 for the buy-to-let sector.

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Given that this translates to a deposit of £25,000 on the average London house price, I can't imagine it will help too many who are struggling to get on the ladder in the first place.

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Housing market activity continues to pick up as we head towards the end of the year, with gross mortgage borrowing at its highest level for seven years.

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Melanie Prendivillle
Melanie Prendivillle 20 Nov 2015

The horses have bolted out of the open gates and it is too late after 7 years to get them. The FSA and Hector Sants was responsible for allowing HBOS to run riot with the Self-Cert Mortgages that flooded...

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Melanie Prendivillle
Melanie Prendivillle 20 Nov 2015

In 2005 I complained to the HBOS 37 year old CEO Andrew Hornby that I was not happy with the irresponsible lending to my clients once they gave them a mortgage and they owned my clients. The Answer from...

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Supporting our ageing population is one of the biggest challenges facing UK financial services. We wholeheartedly welcome the desire to help more people benefit from their housing wealth in later life....

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Solicitor2Flipper 06 Nov 2015

I never quite understood George Osborne's "levelling the playing field" quip, as after all buyer-occupiers pay neither income nor capital gains taxes on their properties. I guess it is what it is though. Whilst...

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steve scrivener
steve scrivener 29 Oct 2015

As a Financial Planner of 20 plus years, I can say categorically that withdrawal of tax relief to pension savings would be a massive mistake. I predict a huge reduction in pension savings if this what

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Today's figures, which highlight a sustained growth in lending, especially in the buy-to-let sector, are a clear indication of a boost in consumer confidence across the UK.

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