Nationwide mortgage ‘lowest 10-year fixed on market’

Nationwide mortgage ‘lowest 10-year fixed on market’

Nationwide has launched a low 10-year fixed rate mortgage as part of a trio of new products.

Richard Napier, Nationwide’s director of mortgages and savings, said: “There has been a growing trend of customers opting for longer-term fixed rates to ensure certainty of monthly mortgage payments, particularly ahead of any rise in interest rates, with the recently introduced 10-year fixed-rate mortgages proving a popular addition to the range.”

Key features

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A 2.44 per cent five-year fixed-rate mortgage at up to 60 per cent loan-to-value with a £999 product fee

A new 1.74 per cent two-year fixed-rate mortgage at up to 60 per cent LTV with a £999 product fee.

The new 10-year fixed-rate mortgage, available at up to 60 per cent LTV, is reduced by 0.55 per cent to a rate of 2.94 per cent for new mortgage customers and 2.84 per cent for existing mortgage customers.

It comes with a £999 product fee, reduced to £499 for first-time buyers.

Remortgage customers benefit from free standard valuation and the choice between free standard legal work or £250 cashback.

Adviser view

Stuart Orridge, a director of Derbyshire-based Orridge and Dunn Independent Financial Advice, said: “Certainly for the market place it is a fantastic rate if someone is sure they are going to stay in a property for that long.

“But 10 years is a long time and circumstances can change. I would be interested to see what the arrangements are for early repayment.”