National Counties launches a new fixed rate mortgage for retired borrowers.
The National Counties BS has launched a fixed rate mortgage for older home-owners. New customers up to the age of 80 will be considered for a mortgage.
This new deal is an 8 year fixed rate mortgage created to help older home-owners deal with outstanding debt in a responsible way, and it is one of only a few products aimed at home-owners reaching retirement.
There is growing concern that many older borrowers could be left paying a mortgage, recent research by the insurer Aviva has revealed that almost 20% of home-owners over 55 are still having to pay monthly mortgage repayments.
For most people already retired or reaching retirement, the only option to deal with their outstanding debt is to sell up and downsize. With its new deal the National Counties BS is offering home-owners an alternative.
National Counties' new fixed rate mortgage is on a repayment basis only and is available for remortgaging home-owners. For 60% loan to value the rate offered is 3.99%. After the agreed fixed period the deal reverts to the lender's SVR, which is currently set at 4.70%. Repayment in full can be made after 5 year penalty free.
With around 1.6 million retirees still paying a mortgage National and Counties advises it is trying to offer a affordable mortgage repayment plan for older borrowers.
Many lenders have introduced age restrictions and so this new fixed rate mortgage offers hope to many borrowers.
For a competitive fixed rate mortgage quote call an adviser at Deal Direct on 0800 048 8828.
