One year on, 25-year fixed-rate product still available from Nationwide
11th March 2008
It has now been a year since Nationwide Building Society launched its 25-year fixed-rate mortgage.
Announcing the one-year anniversary of the product, which became available to customers in March 2007, Nationwide observed that it was the only major high street lender to continue to offer a 25-year fixed-rate mortgage.
The product is fully flexible, meaning that it should appeal to borrowers who have reservations about being tied-down to a long-term obligation.
Matthew Carter, director for mortgages at Nationwide, commented: "Our experience is that the 25-year fixed-rate mortgage has a place in the market and offers long-term stability for borrowers who want to protect against fluctuations in interest rates.
"We also recognise that people who want a mortgage for life don't necessarily want a house for life which is why the mortgage is fully portable, allowing borrowers to take it with them as they move up the property ladder."