Nationwide Building Society has cut the price of its 10 year fixed rate mortgage to 5.68 per cent as well as launching new two year fixed rate products.
The cuts to the 10 year fixed rate follow similar recent decreases to Nationwide’s five and 25 year fixed rate mortgage deals.
Nationwide’s divisional director for mortgages Matthew Carter says: “While two year deals have historically been a favourite with borrowers, competitive fixed rate deals over a longer term period are becoming increasingly popular.
He adds: “Some customers may be put off by the thought of being tied in for five, 10 or even 25 years, but at Nationwide borrowers can move their mortgage to a new house, overpay or underpay during the deal period. It is also worth borrowers remembering that Nationwide’s 25 year fixed rate deal has no tie-ins after the first 10 years, meaning they can exit the deal without penalty if their circumstances change.”