Nationwide has introduced a new Loyalty Rate Mortgages initiative.
The UK’s largest building society recently revamped its mortgage range, cutting rates by up to 0.70 percentage points across fixed rate and tracker deals, including those for customers with small deposits. Existing mortgage customers already benefit from an additional 0.1 percentage point discount on new customer rates.
Nationwide will from today compare its mortgage rates for existing residential mortgage customers looking for a new deal against the remortgage rates of its top six high street competitors. These are NatWest/RBS, Halifax, Santander, HSBC, Barclays/Woolwich and Lloyds.
Every Friday, Nationwide will review like-for-like competitor mortgage rates for its existing mortgage customers. If any of the competitor lenders has comparable remortgage rates that are lower than those the society is offering, Nationwide’s rates will be lowered the following Wednesday below the comparable competitor rates.
The Loyalty Rate Mortgages initiative is only available to Nationwide’s existing mortgage customers who are looking to switch deal.
Richard Napier, Nationwide’s divisional director of mortgages and savings, said: “Following our recent extensive reductions across our mortgage range, Nationwide’s mortgage deals for existing customers are already extremely competitive. With Loyalty Rate Mortgages, we are taking that a step further. We are constantly reviewing the market so that our existing mortgage customers can be confident our rates compare favourably against those of our competitors. We are doing the work for them by checking the rates of the top six lenders to make sure that we offer the best rates.
“Nationwide is also demonstrating its mutual difference by doing more for our existing customers. Loyalty Rate Mortgages will further enhance our suite of offers for our members that reward customer loyalty, with other offers including Flexclusive benefits for main current account holders and Simply Rewards deals for current account and credit card holders. This demonstrates the benefits of being a Nationwide member and is another example that we are on their side.”