Older borrowers mortgage solution from West Mids lender…
Older borrowers up to 85 years young are being reminded they can also take advantage of Stafford Railway Building Society’s standard variable rate mortgage product – which is the lowest* in the UK!
The Staffordshire-based Society has long lent to older borrowers in retirement and beyond across the region, subject to them meeting lending criteria which is based on affordability using pension or annuities income.
Society Mortgages Manager, Adrian Phipps, explains: “We certainly don’t think that just because you have retired or are approaching retirement that you shouldn’t be able to take a mortgage out. If your current lender won’t extend your term beyond your retirement age – or you are looking to move house, or simply want to raise funds on a mortgage-free property to release some of the capital – then Stafford Railway Building Society could well be the answer.
“There are no long waiting lists for appointments, as the Society has availability most days, and with no call centres involved, you can apply over the phone or in branch and will speak to a qualified mortgage advisor. As a mutual we pride ourselves on extremely high levels of customer service, meaning you will usually be able to speak to the same person from our small, dedicated team right throughout the processing of your mortgage.”
Stafford Railway Building Society still has just one residential mortgage (from 3.20% standard variable rate, overall cost for comparison 3.3% APR** and consistently one of the lowest standard variable rates available in the UK) plus it has no arrangement fees, early repayment charges or tie-in periods – and you’re free to make overpayments at any time without worrying about any additional charges. It’s also suitable for first time buyers, re-mortgages and home movers and offers up to 90% loan to value (LTV) with appropriate guarantees.
There is also an option for borrowers with a 10% deposit – the rate is 3.75% standard variable rate, overall cost for comparison 4.0% APR* which compares very well with other 90% mortgages nationally, and they simply pay a Higher Lending Charge, which is a one-off insurance premium to cover the excess over 75%.
Stafford Railway Building Society also offers just one simple and straightforward buy-to-let mortgage (from 4.50% standard variable rate with a maximum Loan to Value (LTV) of 70%) but again with no unnecessary fees, tie-in periods or complex product features.
Tel: 01785 223212 (all calls at local rate) or visit http://www.srbs.co.uk/ for details. Mortgages are available on properties throughout England and Wales. Your home may be repossessed if you do not keep up payments.
* Stafford Railway offers the lowest SVR in the UK at 3.2% with the next lowest at 3.69%. The highest is 6.08% (information sourced from Moneyfacts, November 22nd 2015).
**APRs vary with individual circumstances. If you request a written illustration it will include a personalised APR.
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