National Counties enhances its 10 year fixed rate remortgage product for borrowers aged up to 75

National Counties has cut the completion fee of its 10 year fixed rate product and expanded the available mortgage term.

By offering the product to borrowers aged up to 75 years, this mortgage product supports the Society's aim to assist borrowers well into retirement.

The building society's 10 year fixed rate remortgage 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 (at application), the product seeks to help existing homeowners, needing to borrow no more than 25% of the value of their property, who may be 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.

Changes to the 10 year fixed rate product, which has a completion deadline of 1 May 2012, include a reduced completion fee of £495, a minimum mortgage term of 10 years, and the ability to repay up to 10% of the original advance per annum.

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."

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For further information on our 10 year fixed rate product please click here.

EDITORS' NOTES:

i. National Counties Building Society is the UK's twelfth largest building society, with over 50,000 members and £1.1bn of assets. Operating from its head office in Epsom, Surrey, the Society employs approximately 100 people and offers a range of competitive savings and mortgage products throughout the UK.

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