Nationwide launches range of 10-year fixed rate mortgages
Nationwide for Intermediaries has improved their mortgage range by launching a host of 10-year fixed rates.
Their lowest 10-year fix is very competitively priced at 3.49% and it is available to borrowers with a 30% deposit. It has a £999 arrangement fee and the APR is 4%.
After the fixed rate period, the mortgage reverts to the lenders standard variable rate, currently 3.99%.
Aaron Strutt, product manager at Trinity Financial, says: "Nationwide is offering 10-year fixes across their full range of mortgages, so borrowers can take one even if they have a 10% deposit. Most other lenders require a deposit of at least 25%.
"It is good news that Nationwide has added these long term fixes as they offer real payment security. However, if you decide to lock into a ten-year fix, it is important that you are planning to stay in the property for the long term.
"The early repayments charges are particularly high at 7% of the outstanding mortgage for the first four years, although they reduce on a sliding scale by 1% each year for the remaining six years."
If you would like help to secure a long term fixed rate, call Trinity on 020 7016 0790.
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