Nationwide is reducing selected 10-year fixed rates for existing mortgage customers seeking a new deal, with rates starting at 2.94 per cent from tomorrow (14 January).
Selected two-year fixed and tracker rates for existing customers looking to switch are also being reduced.
As part of the lender’s loyalty rate mortgages initiative, which compares its mortgage rates for existing customers to those of its top six high street competitors, selected switcher rates will be reduced by up to 0.45 per cent.
Changes to the 10-year fixed rates are for the 60 per cent loan-to-value product with a £999 fee, reduced by 0.45 per cent to 2.94 per cent, while the 60 per cent LTV product with no fee is also reduced by 0.45 per cent to 3.04 per cent.
The 60 per cent LTV two-year fixed rate product with no fee is down by 0.20 per cent to 1.94 per cent.
As for the two-year trackers, the 85 per cent LTV product with a £999 fee has been cut by 0.10 per cent to 2.49 per cent, while the 85 per cent product with no fee is also 0.10 per cent to 2.89 per cent.
The loyalty rates are only available to existing mortgage customers looking to switch to a new deal.
The society does offer a core range of rates for all mortgage applicants, as well as a £500 discount on fees for first time buyers, while remortgage customers can get free standard valuation and the choice between free standard legal work or £250 cashback.
This follows on the heels of The Mortgage Works, also part of the Nationwide Group, rolling out a 10-year fixed product, aimed at the buy-to-let sector. The product is available up to 75 per cent loan-to-value at 4.99 per cent with a £995 fee. TMW said this is the only 10-year buy-to-let fix on the market.
peter.walker@ft.com
