Nationwide launches fixed rate mortgages

17 November 2005
Nationwide announced this week it is offering a range of new rates on its two to ten-year fixed rate mortgage products.

Two-year mortgages will now be available from 4.74 per cent, three-year and five-year mortgages at a rate of 4.94 per cent and ten-year fixed rate mortgages will be available at a rate of 5.09 per cent.

Nationwide says the new fixed rate mortgages "allow borrowers additional flexibility to overpay or underpay during the deal period" and are available to all customers.

A survey by the Financial Services Authority (FSA) earlier this week found less Britons were lying about their income to secure a larger mortgage.

There had previously been fears that lenders and brokers were encouraging borrowers to inflate their earnings to secure a bigger mortgage which they ultimately may not be able to repay.

However, the FSA found lenders were now taking steps to prevent mortgage applicants from taking out mortgage which they would struggle to repay.

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