The Nationwide Building Society is tomorrow reducing selected two year fixed rates by up to 0.10 percentage points for existing Nationwide mortgage customers looking for a new deal.
Rates for the 70 per cent loan to value (LTV) 2 year fixed rate product start at 1.54%, while the 75 per cent LTV 2 year fixed rate product starts at 1.64%.
As part of the Nationwide Loyalty Rate Mortgages initiative, which compares the Society’s mortgage rates for existing customers to those of its top six high street competitors, selected switcher rates will be reduced.
The Loyalty Rate Mortgages changes are as follows:
2 year fixed
· 70 per cent LTV 2 year fixed rate product with a £999 fee reduced by 0.10 percentage points to 1.54%.
· 70 per cent LTV 2 year fixed rate product with a £0 fee reduced by 0.10 percentage points to 1.94%.
· 75 per cent LTV 2 year fixed rate product with a £999 fee reduced by 0.05 percentage points to 1.64%.
· 75 per cent LTV 2 year fixed rate product with a £0 fee reduced by 0.05 percentage points to 2.04%.
Existing mortgage customers already benefit from a 0.10 percentage point discount on new customer rates.
The Loyalty Rate Mortgages initiative is only available to Nationwide’s existing mortgage customers who are looking to switch deal. Nationwide does offer a core range of competitive rates for all mortgage applicants, as well as a £500 cashback for first time buyers. Remortgage customers benefit from free standard valuation and the choice between free standard legal work and £250 cashback.