Nationwide will begin weekly price comparisons against six high street banks after pledging it will offer remortgage rates to existing customers that beat any like-for-like deal available through rival lenders.
The building society said in a statement it will compare like-for-like mortgage rates from Natwest/Royal Bank of Scotland, Halifax, Lloyds, Santander, HSBC, and Barclays/Woolwich every Friday.
It said if any competitor lenders have comparable rates that are lower than Nationwide’s, it will lower its charges the following Wednesday to below the competitor’s offer.
Nationwide added the ‘loyalty rate mortgages’ initiative is only available to existing mortgage customers who are looking to switch deal.
Competitor products are defined as those available to all customers through lenders’ retail channels and exclude deals through subsidiaries, intermediary exclusives, buy-to-let mortgages, those linked to schemes, such as help to buy and those with fees greater than £1,000.
Nationwide recently revamped its range, cutting rates by up to 0.7 per cent across fixed rate and tracker deals, including those for customers with small deposits. Existing mortgage customers already benefit from an additional 0.1 per cent discount on new customer rates.
Richard Napier, Nationwide’s divisional director of mortgages and savings, said: “We are constantly reviewing the market so that our existing mortgage customers can be confident our rates compare favourably against those of our competitors.”
