The new rates are 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 by 0.10 per cent.
Key features of the changes to Nationwide’s loyalty rate mortgages are a 75 per cent loan-to-value five-year fixed rate with a £999 fee reduced by 0.10 per cent to 2.84 per cent, and a 75 per cent LTV five-year fixed rate with no fee reduced by 0.10 per cent to 3.04 per cent.
Existing mortgage customers already benefit from an additional 0.10 per cent discount on new customer rates.
The loyalty rate mortgages initiative is only available to Nationwide’s existing mortgage customers who want to switch their deals.
Matthew Bird, an investment and mortgage adviser at Gwent-based Seer Green Ltd, said: “This isn’t that significant. Nationwide are trying to keep a competitive edge.”