Nationwide launches new tracker mortgage

10 January 2006
Nationwide Building Society will today launch a new mortgage product that will allow borrowers access to a hassle-free tracker mortgage for life.

The lifetime tracker will follow the Bank of England Base Rate for the term of the mortgage, which can be between five and 40 years.

Interest is fixed to track above the rate from +0.39 per cent giving borrower's security that they will see a good deal over the long-term.

Customers with the tracker mortgage will also have the ability to overpay up to £500 each month or take payment holidays.

Nationwide has also introduced switch and fix facilities enabling borrowers to leave any tracker product on standby after January 10th and move to a fixed rate deal without incurring any early repayment charges.

The switch and fix offers borrowers confidence in their choice of mortgage giving an opt-out from their tracker should their circumstances change or interest rates rise.

Steve Clode, divisional director at Nationwide said: "We are keen to provide borrowers with products that suit their lifestyles. Borrowers are becoming more financially astute and the benefits of a longer term mortgage deal are more obvious. The opportunity to take advantage of a competitive deal for the lifetime of the mortgage is a real bonus and gives borrowers the opportunity to remortgage and relax."

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