A new 25 year fixed rate mortgage launched by Nationwide
Nationwide Building Society has reintroduced its 25 year fixed
rate mortgage at a stunning rate of 6.39 per cent.
Within 5 weeks the 25 year fixed
rate mortgage was sold out during
March 2007. This was simply because the product offered security
of fixed payments and was good value for money with flexibility,
no early redemption penalties were involved after the first 10
years making this an attractive product for first-time buyers.
Nationwide executive director, Stuart Bernau commented: “Our
experience is that the 25-year fixed
rate has a place in the
market and offers long-term stability and flexibility for borrowers
who want to protect against fluctuations in interest rates.
“People who want a mortgage for life don’t necessarily
want a house for life which is why our mortgage is fully portable,
allowing borrowers to take it with them as they move up the property
ladder. The relaunch of this product follows a very successful
uptake earlier in the year and will allow even more borrowers
to benefit from the advantages it offers.”
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