Nationwide has new offers for existing customers looking to change their arrangement.
The building society is reducing from today selected switcher rates on 10- and two-year products in its Loyalty Rate Mortgages initiative. The cuts reach up to 0.45 percentage points.
Changes to the loyalty mortgage fixed rates:
|
Product |
LTV |
Fee |
Reduction |
New Rate |
|
2-year fixed |
60% |
£0 |
0.20 pp |
1.94% |
|
10-year fixed |
60% |
£0 |
0.45 pp |
3.04% |
|
10-year fixed |
60% |
£999 |
0.45 pp |
2.94% |
Changes to loyalty mortgage tracker rates:
|
Product |
LTV |
Fee |
Reduction |
New Rate |
| 2-year tracker |
85% |
£0 |
0.10 pp |
2.89% |
| 2-year tracker |
85% |
£999 |
0.10 pp |
2.49% |
The Loyalty Rate Mortgages initiative of Nationwide is for existing clients of the society looking for a new deal. It compares the society’s mortgage rates for existing customers to those of its top six high street competitors. Currently, those are NatWest/ RBS, Halifax, Santander, HSBC, Barclays / Woolwich, Lloyds. These lenders are fixed for the year and will be reviewed in September 2015.
To qualify for the Loyalty Rate Mortgages initiative, mortgages must have the same product term and comparable arrangement/product/booking/application fee. Competitor products are those available to all customers through lenders’ retail channels and will 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.
