Family Building Society offering 1.99% mortgage to older borrowers up to the age of 89
Family Building Society is offering its lowest fixed rate mortgage to older borrowers up to the age of 89.
The 1.99% mortgage rate, which expires on the 31 August 2019, reverts to the lender’s 4.54% standard variable rate. The overall cost for comparison is 4.20% APRC representative.
It has a £999 arrangement fee, and early repayment charges apply until 31 August 2019. Applicants will need a 20% deposit to qualify and the rate is available for mortgages over £45,000.
Aaron Strutt, product director at Trinity Financial, says: “The Family Building Society is popular with older borrowers because it provides them with competitively priced interest-only mortgages over a five-year term.
“The society is helping lots of borrowers who are at the end of their existing mortgage term and are unfortunately not being given the option to stay with their lender.”
Borrowers will need to provide proof of their income to qualify, in the form of payslips or accounts if they are still working, or statements if they receive pension or investment income.
Family Building Society is the trading name of National Counties Building Society.
Representative example: A mortgage of £500,000 payable over 25 years, initially on a fixed rate for 24 months at 1.99% and then on a variable rate of 4.54% for the remaining 23 years, would require 24 monthly repayments of £1,058.42 followed by 276 monthly repayments of £1,369.07. The total amount repayable would be £404,593.40 made up of the loan amount, plus interest (£153,265.40) and fees of £999. The overall cost for comparison is 4.20% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure an older borrower mortgage.
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