National Counties offers 10-year remortgage for borrowers up to 75 years old

National Counties Building Society has expanded its 10-year fixed rate remortgage by offering the product to borrowers aged up to 75 years, in line with the society’s aim to assist borrowers well into retirement.

Changes to the 10-year fixed rate product, which has a completion deadline of 1 May 2012, also include a reduced completion fee of £495. The interest rate is 4.19% fixed until 30/11/2021 which, coupled with National Counties’ personalised underwriting assessments, may allow existing homeowners to avoid trading-down or having to take out a lifetime mortgage.

By making the product available to customers up to the age of 75 at application, the product seeks to help existing homeowners, needing to borrow no more than 25% of the value of their property. They may be entering retirement and, for whatever reason, have been unable to fully repay their existing mortgage or other debts. For example, this could be due to a shortfall on an endowment maturity.

Keith Barber, associate director business development at National Counties Building Society, said: ”Rises in the cost of living, coupled with increasing demands on family finances to help support younger generations and lower returns from pension funds than we’ve been used to in the past, mean that it is understandable that increasing numbers of people are approaching, or are in retirement, with mortgages and other loans outstanding.

“Our 10-year fixed rate remortgage product can help people put in place a structured and affordable repayment plan which offers the reassurance of known monthly repayments due to the fixed interest rate.

“We take our lending responsibilities very 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.”