Nationwide Building Society mortgages launch new product

The UK's lowest ten year fixed rate mortgage has been launched today by Nationwide Building Society mortgages.

The new product boasts rates from 5.19 per cent and allows borrowers to over pay or underpay. The early payment charge is also competitive, for example repayment in the seventh year incurs a charge of two per cent compared to at least four per cent from most other lenders.

Nationwide's executive director, Stuart Bernau, said: "We recognise that many borrowers want the security of knowing how much their mortgage payments will be each month and they don't want to keep switching to a new fixed rate every couple of years.

"Therefore we have launched the 10 year fixed rate mortgage to meet the needs of these borrowers who want to prevent future interest rate increases pushing up their payments."

The loan is available to both new and existing customers.