Nationwide has launched a 25-year fixed rate mortgage.
The product includes a rate from 5.49%, and there are no early repayment changes after the first 10 years.
Features of the 25-year fixed rate mortgage include the ability to overpay by up to £500 per month, underpay and take payment holidays, portability, and one arrangement fee.
The product has a reservation fee of £599 with a £200 discount for existing borrowers and is available to all borrower types.
Stuart Bernau, executive director at Nationwide, says: “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.
“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’ve got something to suit everyone.”