National Counties - 3 Year Fixed
  • National Counties
  • Rate: 2.99%
    APR: 4.40%
    Offers: Capital & Repayment or Interest Only basis | Assistance with legal fees

National Counties is owned by its borrowing and saving members, meaning that this lender is a mutual organisation and does not answer to stockholders. Instead, it answers only to its customers. National Counties is not a subsidiary of any larger group and operates entirely independently. In fact, most of this lender’s funding is raised by the deposits of individuals. This lender has very low mortgage arrears and has an incredibly positive and reliable reputation, with an excellent financial strength. National Counties is a member of the Financial Services Compensation Scheme.

This retirement mortgage offered by National Counties is the 3 year fixed option. In order to qualify for this product, you must have a property that has a value of at least £125,000. There is no applicable maximum age with this product from National Counties. However, the lender does look at standard mortality ages to determine the length of the mortgage and its applicable maximum age.

The fixed interest rate on this product applies to both the repayment basis as well as the capital but in order to qualify you must borrow a loan amount of at least £45,000.

In order to take advantage of this product, you must meet eligibility requirements, which includes meeting typical lending. During this check, you will need to prove that you are able to repay the mortgage and your credit will be checked. That means you need to both prove your income and document your typical expenditures. This will measure affordability for the product for your particular financial situation. You will need to show that you can sustain a repayment strategy that works for you, as you must make monthly interest payments. This means that you will be paying only the interest on the loan, ensuring that upon repayment, you will only owe the amount you borrowed initially.

National Counties is a reliable lender if you are in the market for a retirement mortgage. With this product, the most important aspect to keep in mind is that you will be required to make regular monthly payments to cover the cost of interest accruing on your loan. Therefore, you need to ensure you can afford the monthly payments. However, this product may be perfect for you if you know that you are in a position to afford the payments, as it means that you will only be left to pay the original amount borrowed once the loan needs to be repaid.