Only a few hundred customers will be able to take up the new offer
The Nationwide building society has launched a 25-year fixed rate mortgage at an interest rate from 5.49%.
Fixed rate deals have become more popular over the past few months since the Bank of England started raising interest rates and are available from a number of small building societies.
But the Nationwide is the first major lender to launch such a long deal.
The Nationwide mortgage allows over-payments and can be transferred if the customer moves.
Early redemption penalties will not be charged after 10 years.
But some commentators have argued that UK interest rates are close to their peak and that therefore it is the wrong time to commit to such a long term arrangement.
In an exclusive interview for the web, we talked to Stuart Bernau, executive director of Nationwide.