NCBS give “OAP remortgagees” a competitive lifeline
Everyone presumes once they reach retirement life gets easier. No longer a slave to the nine to five, instead hours can be spent with family, on hobbies and eating fish and chips by the seaside. However with retirement approachees still owing thousands on their mortgages, life after work may not be as fun-filled as it should be.
Currently a niche market, OAP mortgagees have a small pool to find a competitive remortgage deal. National Counties Building Society (NCBS) has just launched a new 10 year fixed rate remortgage product of 4.19 per cent aimed at older borrowers.
The product is available for customers up to the age of 75 providing the borrower lends no more than 25 per cent of the value of the property and the property has a minimum value of £200,000.
Ken Barber is the Associate Director Business Development at NCBS:
“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.”¹
Content correct at time of publication