Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Nationwide Launches New UK 25 Year Fixed Rate Mortgage

Personal_Finance / Mortgages Jul 13, 2007 - 02:08 PM GMT

By: Nationwide

Personal_Finance

Guaranteed stability of payments for 25 years, with full flexibility after 10 years

Nationwide Building Society today announced the reintroduction of its innovative 25 year fixed rate mortgage at a rate of 6.39%. The new 25 year fixed rate will be available from Tuesday 17 July.


The 25 year fixed rate was first launched by Nationwide in March 2007 and sold out in five weeks. The product not only offers good value and the security of fixed payments but also provides flexibility - there are no early repayment charges after the first 10 years and it is fully portable - making it an attractive option for first time buyers or borrowers moving home who still have a term of at least 25 years.

Features of the 25 year fixed rate mortgage include:

  • Rate from 6.39%
  • No Early Repayment Charges after the first 10 years (3% during first 10 years)
  • Flexibility: the ability to overpay (by up to £500 per month), underpay and take payment holidays
  • Portability: as with all Nationwide mortgages, borrowers can take it with them when they move home and top it up with an additional loan if they wish to move to a larger property
  • Saving on fees: with only one arrangement fee, borrowers could save hundreds and in some cases, thousands of pounds on fees, over the term of their mortgage
  • Security: protect against potential interest rate rises with fixed payments
  • Simplicity: no need to choose and arrange a new deal every few years
  • Reservation fee of £599 (£100 discount for existing borrowers)
  • Available to both home movers and remortgagors
  • No higher lending charge on any Nationwide mortgages

Stuart Bernau, Nationwide’s executive director, said: “The Chancellor has recently expressed concern that most lenders do not offer long-term fixed rates. 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.

“People who want a mortgage for life don’t necessarily want a house for life which is why our mortgage is fully portable, allowing borrowers to take it with them as they move up the property ladder. The relaunch of this product follows a very successful uptake earlier in the year and will allow even more borrowers to benefit from the advantages it offers.”

Further information:
Zoe Stevens, press officer, telephone: 01793 655423
Steve Blore, senior manager, telephone: 07711 110210

Notes:

25 YEAR FIXED RATE MORTGAGE AVAILABLE FROM 17 JULY 2007

HOUSE PURCHASE (New and existing Nationwide mortgage borrowers)

Product With reservation fee No reservation fee New Nationwide mortgage borrower reservation fee Existing Nationwide mortgage borrower reservation fee*
25 year fixed rate 90% LTV 6.39% N/A £599 £499
95% LTV 6.79% N/A £599 £499

REMORTGAGORS/ SWITCHERS/ FURTHER ADVANCES (New and existing Nationwide mortgage borrowers)

Product With reservation fee No reservation fee New Nationwide mortgage borrower reservation fee Existing Nationwide mortgage borrower reservation fee*
25 year fixed rate 90% LTV 6.49% N/A £599 £499
95% LTV 6.89% N/A £599 £499

*Loyalty discount of £100 for existing Nationwide mortgage customers

  • Must have at least 25 years mortgage term remaining

Mortgages:

Full details of Nationwide's mortgage product range are available in all branches, online at www.nationwide.co.uk/mortgage or by calling 0800 30 20 10.

Nationwide makes all of its new mortgage products available to new and existing borrowers in the same circumstances, subject to their existing terms and conditions.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in