25 Year Loans Reintroduced
Friday 13th July 2007 Nationwide have responded to the Governments request to see more long-term mortgages on offer by re-introducing their 25 year fixed-rate mortgage.
The mortgage enables borrowers to fix their interest rate at 6.39% for the full term of their mortgage aimed to bring stability and flexibility to consumers.
The Government aims to re-introduce long term fixed rate mortgages to bring greater stability to the housing market but many critics fear that they may work out more expensive for borrowers in the long run.
Nationwide state they are responding to a customer need and that consumers are keen to fix mortgage interest over the long term. Stuart Bernau, Nationwide Executive Director states: "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.”
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