National Counties Building Society is a membership based financial institution. It is a mutual organisation, which allows members to save or borrow funds without the influence of the stock market. The majority of funding is supplied through individual deposits. National Counties offers retirement mortgages that fit the Financial Services Compensation Scheme to protect savings and ensure the company has low mortgage arrears. National Counties is located in Surrey, serving customers in England and Wales only. National Counties started their building society in 1896 making it one of the oldest financial institutions in the United Kingdom. They are known for providing affordable retirement products to over 50,000 members.

Retirement Mortgage Products
National Counties launched retirement mortgage products in 2011 to fit the needs of their members, who had a higher amount of debt as they entered retirement due to the recessions. NCBS tailor makes mortgages to fit their members, allowing a retirement mortgage in the form of a lifetime mortgage to be obtained up to the age of 75.

The retirement mortgage works on the premise of remortgaging an existing loan, although homeowners can apply without any outstanding mortgage. Borrowers can obtain up to 25% of their property value when entering retirement. As a lifetime mortgage for retirement the loan does not need to be repaid until the end of life. However, NCBS also has a 10 year fixed rate mortgage product with monthly payments if it is more comfortable. This loan for retirees will offer up to 75% of the value. Traditional mortgages such as this one can be taken out as early as 18 years of age and the loan terms are specific to the age. For example, a person of 55 years is able to take out a loan for 28 years providing their income supports this long term loan. For traditional mortgages with repayment a homeowner can be 89 years of age and take out the mortgage for 5 years only.

Qualifications
National Counties requires the funds to be used for specific purposes only, even for their lifetime mortgage option. To qualify the homeowner will need to provide their annual pension income to show they can support the lifetime mortgage option. An original bank statement along with pension information will determine if the individual or joint homeowners qualify. The loan to value percentage is based on the property value.

Current Offers
National Counties is currently offering capital and repayment or interest only retirement mortgages. The provider also provides assistance with legal fees associated with mortgages.