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Nationwide reacts to long-term fixing trend with 10-year deal

Nationwide has launched a 10-year fixed rate mortgage at 3.49% available up to 70% loan-to-value (LTV) for a fee of £999.

Richard Napier, Nationwide’s director of mortgages and savings, said the society has seen customers favouring longer-term fixed rates in September when a quarter of its reservations were for five-year fixes. 

Existing customers can shave 0.10 per cent off the rate and secure the deal for 3.39 per cent by using the building society’s loyalty discount.

First-time buyers will pay £499 for the deal instead of £999 and a fee-free option with higher rates is available for all borrowers.

“Clearly prudent customers want to protect themselves against payment increases and so the introduction of a new ten year fixed rate deal is a logical addition to provide for this trend,” added Napier.

An 85 per cent LTV option is available at 4.54 per cent for a fee of £999 with a fee-free alternative at 4.64 per cent.

The deal undercuts West Brom’s 10-year fixed rate which launched last week at 3.99 per cent up to 75 per cent LTV although it beats Nationwide on fees by charging customers £199 for the product.

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