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Nationwide launches ten-year fixed rate mortgage.

BANKING AND CREDIT NEWS-January 21, 2015-Nationwide launches ten-year fixed rate mortgage


British building society Nationwide on Tuesday said that from 21 January 2015 it will be offering the lowest ten-year fixed rate mortgage which is currently available.

Available at up to 60% loan to value (LTV), the new ten-year fixed rate deal is reduced by 0.55% to a rate of 2.94% for new mortgage customers and 2.84% for existing mortgage customers. This reduced product comes with a GBP999 product fee, reduced to GBP499 for first time buyers, and remortgage customers can receive free standard valuation and choice between free standard legal work or GBP250 cashback.

The building society's five-year fixed rate mortgages have also been reduced, by up to 0.40%, with rates starting at 2.44% for new customers. A number of two and three year fixed deals have also been reduced, offering rates from 1.74% and 2.24% respectively.

Nationwide's director of Mortgages and Savings, Richard Napier, commented "There has been a growing trend of customers opting for longer term fixed rates to ensure certainty of monthly mortgage payment, particularly ahead of any rise in interest rates, with the recently-introduced 10 year fixed rate mortgages proving a popular addition to the range .This competitive range of new fixed rate mortgage deals is likely to appeal to both first time buyers and those looking to remortgage by ensuring longer term security of mortgage payments."

(EUR1 = GBP0.76)

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Publication:M2 Banking & Credit News (BCN)
Date:Jan 21, 2015
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