People considering a long-term mortgage option may be interested to hear about a new product overview from a financing industry analyst.
Julia Harris, mortgage analyst at financing website Moneyfacts.co.uk. has given her views on the new 25-year fixed-term mortgage from financial services provider Nationwide Building Society .
Analysing the package, she pointed out that the fee of £599, alongside a £200 discount for existing members, is "not out of line" with the charges imposed by other mortgage lenders .
And she praised the mortgage for being "fully flexible" and not including redemption charges after the first ten years of the mortgage .
Finally, she suggested that it could prove appealing to prospective mortgage holders looking to guarantee their monthly mortgage repayments.
"A fixed-rate can give borrowers additional peace of mind," she said.
"With many homebuyers stretching their incomes to the maximum, this long-term repayment stability may be just what they need."
Earlier this month, a report in the Guardian suggested that an extended-term mortgage is an "extreme mortgage" option that may become increasingly attractive to first-time buyers unable to afford traditional products.
Nationwide's long-term mortgage assessed
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