"We've cracked it," is how a spokesman for Nationwide describes the lender's recent launch of a 25-year fixed-rate mortgage. "That's why our treasury department is reluctant to reveal our secrets," he says. "We've found a way of doing it."
Although a common product in the US, the 25-year fixed-rate mortgage has eluded many UK lenders - two main reasons being uncertainty over customer demand and funding complexities.
Now Nationwide (the UK's fourth biggest mortgage lender) is confident its treasury