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New 10 year fixed rate remortgage product for borrowers aged up to 75

Building society introduces affordable remortgage solution to support homeowners well into their retirement

Epsom, 24th November 2011 - Following a recent article in the Daily Express[1], which highlighted some of the debt problems increasingly encountered by people entering retirement, National Counties Building Society is pleased to offer a mortgage tailored to the needs of borrowers at or in retirement, looking to deal responsibly with their outstanding debt. Its 10 year fixed rate mortgage product offers an interest rate of 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, this is one of the few remortgage products which actively seeks to help borrowers well into their retirement. With a competitive fixed rate of 4.19% available to borrowers needing to borrow no more than 25% of the value of their property, the building society is directly supporting existing home owners who are entering retirement and, for whatever reason (for example, a shortfall on an endowment maturity), have been unable to fully repay their existing mortgage or other debts.

The NCBS 10 year fixed rate mortgage product allows customers to withdraw equity from their existing main residence (minimum property value £200,000), borrowing up to £250,000, with the re-assurance of fixed monthly payments and the structured repayment profile ensures that the initial debt is reduced steadily to zero over the 10 year term.

Keith Barber, Associate Director Business Development at National Counties Building Society, said: "Recent 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 new 10 year fixed rate mortgage 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.'

Click here for more information on National Counties' 10 year fixed rate mortgage

National Counties' 10 year fixed rate mortgage is available now and potential borrowers can request an Agreement in Principle via the building society's website or by contacting the Customer Centre team on 01372 747771.

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