Nationwide lifetime tracker mortgage launched

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Nationwide lifetime tracker mortgage launched

A new Nationwide lifetime tracker mortgage will be launched tomorrow January 10th, the building society has announced.

The mortgage gives borrowers a "hassle-free tracker mortgage for life", according to Nationwide. It will track the Bank of England base rate for the term of the mortgage, reaching up to 40 years.

In addition, a switch and fix facility is also being introduced that will allow borrowers to leave tracker mortgage products reserved after January 10th and move to a fixed rate deal without early repayment charges.

Steve Clode, divisional director at Nationwide, said the building society is keen to give borrowers a product that suits their lifestyles.

"The opportunity to take advantage of a competitive deal for the lifetime of the mortgage is a real bonus and gives borrowers the opportunity to remortgage and relax," he added.

The Nationwide lifetime tracker mortgage is priced from just above 0.39 per cent above the base rate and comes with a £199 reservation fee that can be paid upfront or added to the loan.

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