Sold out - borrowers display an appetite for long term fixes

Nationwide Building Society has announced the withdrawal of its 25 year fixed rate mortgage. The mortgage will be withdrawn from sale at close of business on Thursday 3 May 2007.

Launched at the end of March, the mortgage was aimed at borrowers seeking long term security of payments. The 25 year product allowed borrowers to move their mortgage without penalty after 10 years.

The initial tranche of £50 million funding has now sold out, with many borrowers being able to take advantage of the deal.

Matthew Carter, Nationwide's divisional director for mortgages, said: "The new 25 year fixed rate mortgage has proved to be very popular amongst borrowers. We hope to be able to re-launch the product soon, providing we are able to secure a competitive rate on the money markets.

"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."