Nationwide withdraws its "long term” mortgages

From Thursday May 3rd, Nationwide will no longer provide its 25-year mortgage.

The mortgage was offered to give the certainty of fixed payments over a long-term period, and it also enabled users to move their mortgage after 10 years without incurring any penalties.

The deal ended as the £50 million tranche of funding has now been sold out.

Matthew Carter of Nationwide said that the mortgages had proved popular and he said he hoped "to be able to re-launch the product soon, providing we are able to secure a competitive rate on the money markets".

He added: "Nationwide remains committed to offering long-term good value to its members and we are pleased our borrowers have been able to realise the benefits of mutuality as a result of this product."