UK banking group Nationwide Building Society has launched its new 25-year fixed rate mortgage, which offers competitive rates starting from 5.49%, and the security of fixed payments and flexibility.

<p>With no early repayment changes after the first 10 years, the new product is ideal for first time buyers or borrowers moving home who still have a term of at least 25 years. <br /><br />Other features of the new mortgage include portability, allowing customers to take the product with them when they move home. There is only one arrangement fee which could save borrowers hundreds of pounds over the term of their mortgage. The mortgage is available to all borrowers.<br /><br />Stuart Bernau, Nationwide&#0039;s executive director, said: At Nationwide we are totally committed to our members because we have no shareholders to please. Our new 25 year fixed rate mortgage is a clear demonstration of this. It not only offers long-term good value to borrowers looking for the security of fixed payments but also the flexibility of a 10 year deal. <br /><br />This is the latest in a series of initiatives that have been designed to complement our existing mortgage product range – from short-term to long-term deals, whether buying a first home or a new home, switching lender or switching deal – we&#0039;ve got something to suit everyone.</p>