Nationwide celebrates 25 year fixed-rate mortgage

12-Mar-2008

Nationwide has celebrated the first anniversary of its 25 year fixed-rate mortgage, which has been a favourite with first-time buyers.

The product sold out in just five weeks when it was first introduced, but has been re-launched since July and now remains a permanent feature in the lender's range.

Chancellor Alistair Darling recently stated that he is to encourage more lenders to follow suit with similar property products in his budget.

Nationwide is the only lender offering such a product which has made it highly popular with first-time buyers, although the group points out that it is available to anyone with a term of 25 years or longer.

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."

Nationwide recently called on the Chancellor to make saving a priority.


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