Epsom, Surrey (PRWEB UK) 22 July 2011
Following a recent article in the Mirror*, which highlighted the problems encountered by older interest-only mortgage customers, National Counties is pleased to offer a solution tailored to those looking for an affordable re-mortgage deal. Its 5 year fixed rate mortgage product offers an interest rate of 5.44% until 31/03/2016 which, coupled with National Counties’ personalised underwriting assessments, allows existing homeowners to avoid substantially increased repayments after re-mortgaging.
The NCBS 5 year fixed rate mortgage package offers customers an alternative to shorter loan repayment terms or higher interest rates deals, which might have been presented to them as the only option by their current lenders. With a great rate of 5.44% available to borrowers with loan-to-value’s as high as 90%, National Counties is directly supporting existing property owners who have seen the equity in their home decrease during the economic downturn.
As a consequence of the change in house prices and the introduction of more stringent repayment requirements by lenders, more and more people are being prevented from re-mortgaging or being pushed into deals with shorter repayment periods due to insufficient equity. This often means those people face much higher monthly repayments when renegotiating their mortgage deals.
Keith Barber, Associate Director Business Development at National Counties, said: ‘We are aware that some lenders have introduced stricter criteria for homeowners with low equity or on interest-only mortgage deals. Applied indiscriminately, this can result in sharp increases in monthly repayments for affected customers and may mean that some of them will struggle to make ends meet.
‘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, including the type of repayment vehicle used in interest only mortgages. We are committed to offering solutions which will support existing homeowners at a time when family finances are under pressure.’
The NCBS 5 year fixed rate mortgage was also recommended by Which? as part of its weekly best rate search**.
More information on NCBS’s 5 year fixed rate mortgage is available here.
National Counties’ 5 year fixed rate mortgage is available now and applicants can request an Agreement in Principle via the building society’s website or by contacting the Customer Centre team on 01372 747771.
- (2011). Interest-only mortgage customers face tight restrictions, 20 July 2011. Available: http://www.mirror.co.uk/advice/money/2011/07/20/interest-only-mortgage-customers-face-tight-restrictions-115875-23282654/ /. Last accessed 21st July 2011.
** (2011). Hot money deals, 19 July 2011. Available: http://www.which.co.uk/news/2011/07/hot-money-deals-19-july-2011-259087/. Last accessed 21st July 2011.
Terms and conditions available on our website at http://www.ncbs.co.uk
Note to Newsdesk
National Counties Building Society is committed to its independent development as a mutual organisation run for the benefit of its members. It is the UK's largest single office building society and from its Church Street, Epsom headquarters, the Society provides a first class professional service to over 59,000 customers throughout the UK. A branch is also available in Ashley Square, Epsom for locally based customers.
As a building society, National Counties is a mutual organisation, owned by its saving and borrowing members. It is independent and not a subsidiary of any larger group and the majority of its funding (approximately 75%) is raised by deposits from individuals.