Nationwide Mortgages celebrates a birthday
www.moneynews.co.uk > Mortgages > Nationwide Mortgages celebrates a birthday
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Money News |
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Nationwide Mortgages celebrates a birthday
Tue 11th Mar 2008
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The mortgage proved popular, particularly with first-time buyers, selling out in five weeks.
It is now a permanent fixture in the building society's range, but Nationwide is currently the only major high street lender to offer a 25-year fixed-rate mortgage.
The deal has some flexibility, with borrowers able to opt out of the mortgage after ten years without incurring extra charges.
Customers could also save money on fees by just paying one reservation fee, which is not possible for those taking out shorter-term fees.
Chancellor Alistair Darling is now encouraging other lenders to follow in Nationwide's footsteps and introduce 25-year fixed-rate mortgages, according to the society.
Matthew Carter, director of mortgages at Nationwide, said: "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."
In Abbey's monthly remortgaging survey, 35 per cent of people said they would choose a fixed-rate option if they were remortgaging tomorrow, an increase of 13 per cent from February.
Related News : Mortgages |
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Related News : Nationwide |
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