I contributed to the Financial Times Adviser recently in a story about a lender improving its remortgage product for pensioners.
National Counties has reduced the completion fee of its 10-year fixed rate mortgage to £495 and expanded the available repayment term, as well as granting the ability to repay up to 10% of the original advance each year.
At Limetree we normally only recommend products longer than five-year fixed when the client has a fixed income. But this product from National Counties suits people with 10 or 15 years to run on their mortgage even as they enter retirement. It could even allow them to use part of their pension to pay it off a bit sooner.
The age limit for the remortgage is 75. There are not many products like this for senior homeowners, so the enhanced deal is very welcome. They are offering a rate of 4.19% up to 25% loan-to-value.
National Counties is a small niche lender that has always seemed thoughtful. If you have built up 75% equity in your home and are into your retirement, remortgaging with them will allow you to pay off the rest of your mortgage at a superb rate.