Nationwide reintroduces 25-year fixed-rate mortgage

Nationwide Building Society has reintroduced a 25-year fixed-rate mortgage product, it has been announced.

The building society says the “innovative” product will be available from July 17th 2007.

Among features offered on the fully portable product are no early repayment charges after the first ten years.

Nationwide believes the mortgage will particularly appeal to first-time buyers or people moving home who still have at least 25 years left on their mortgage.

Nationwide executive director Stuart Bernau said a recent statement of concern at government level regarding the lack of long-term fixed-rate mortgages on offer was timely.

He said: “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.”

Nationwide first introduced a 25-year fixed-rate mortgage product in March 2007 and claims it sold out in five weeks.

The relaunch comes as Gordon Brown pledged to make provision of more housing stock a key priority for his term in office.

© Adfero Ltd

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