Nationwide is reducing the rates on selected five-year fixed mortgages in its loyalty range by up to 0.15 percentage points from today, 1 July.
Existing customers of UK’s largest building society who are looking to switch to a new deal can now get a five-year fix at 3.24 per cent and £0 fee for 85 per cent loan-to-value (LTV) and at 3.84 per cent for 90 per cent LTV.
Nationwide already offers a 0.10 per cent discount on new rates for existing mortgage customers.
The latest rate cut is part of the society’s Loyalty Rate Mortgages initiative, which compares the Nationwide’s mortgage rates for existing customers to those of its top six high street competitors.
The society also announced it will withdraw the 3.24 per cent five-year fixed deal at 85 per cent LTV and with a £999 fee.
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How does the Loyalty Rate Mortgages initiative work?
Nationwide will compare like for like products against the comparable LTV tier and fee range of its top six competitors. Based on gross lending data from the Council of Mortgage Lenders (CML), these are currently NatWest/ RBS, Halifax, Santander, HSBC, Barclays / Woolwich, Lloyds. These lenders are fixed for the year and will be reviewed in September 2015.
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