Anniversary of 25 year fixed rate mortgage

Published: March 12, 2008

Nationwide is celebrating the one-year anniversary of the launch of its 25-year fixed-rate mortgage.

The building society introduced the innovative deal in March last year and it sold out in just five weeks.

Nationwide has since relaunched the mortgage and it now remains a permanent fixture in the firm's mortgage range.

"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," said Matthew Carter, director of mortgages at Nationwide.

"We also recognise that people who want a mortgage for life don't necessarily want a house for life which is why the mortgage is fully portable, allowing borrowers to take it with them as they move up the property ladder," he continued.

Alistair Darling announced in this year's Budget that long-term fixed-rate mortgages should be made more widely available.