Yesterday (21st November), Britain’s largest building society, the Nationwide, made the decision to withdraw its 10 and 25 year fixed rate mortgages.
This decision coincides with moves from other mortgage lenders to cut their interest rates on fixed rate products.
Matthew Carter, the Nationwides divisional director for mortgages, said that the building society was proud to be able to remain competitive with its two year fixed rate mortgage product, which has an arrangement fee of £599 at present, and further commented:
“As part of our ongoing commitment to helping first time buyers we will continue to offer a lower reservation fee of £299 on our three year fixed rate mortgage.”
In addition, for first time buyers, the Nationwide offers a £100 discount on legal fees.