Nationwide has lowered rates on select remortgage and switcher deals to support borrowers coming to the end of their deals, the mutual said.
From tomorrow, Nationwide’s remortgage rates will be cut by as much as 0.35%, while switcher rates will fall by up to 0.13%.
Its five-year fixed remortgage at 60% loan to value (LTV) with a £1,499 fee now has a rate of 4.12%, while the option with a £999 fee is priced at 4.17%, both after a 0.07% reduction.
The two-year fixed remortgages at the same tier with a £1,499 fee and £999 fee have been reduced by 0.15% to 4.24% and 4.29% respectively.
Its fee-free two-year fix at 60% LTV has been cut by 0.16% to 4.63%, while the fee-free option at 90% LTV is now 5.49% following a reduction of 0.35%.
As part of the mutual’s pledge to its existing borrowers, its switcher rates are the same as or lower than remortgage options.
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This includes the five-year fix at 60% LTV with a £999 fee, which has been cut by 0.06% to 4.12%, and the two-year fixed equivalent, which has gone down by 0.13% to 4.24%.
Homemover rate changes
Nationwide has also lowered rates for new and existing borrowers moving home.
There is a two-year fix at 60% LTV with a £1,499 fee, priced at 4.22%, and 4.27% with a £999 fee for new borrowers. Both have been cut by 0.06%.
There is also a two-year fix at 80% LTV with a £999 fee, which has been cut from 4.74% to 4.64%.
For existing borrowers, the two-year fixes at 60% LTV with a £1,499 fee and with a £999 fee are now 4.22% and 4.27% respectively, following a cut of 0.06%.
Meanwhile, Nationwide’s two-year fix at 80% LTV with a £999 fee has been cut by 0.1% to 4.64%.
Again, the mutual said this showed its commitment to giving existing borrowers equivalent or cheaper rates than new customers.
Elsewhere, select additional borrowing rates have been cut by as much as 0.13% and now start from 4.13%.
Carlo Pileggi, senior manager for mortgages at Nationwide, said: “The cuts we’re making to our remortgage and switcher products demonstrate our commitment to new and existing customers as they look to secure the best rate possible on a new mortgage deal.
“Nationwide’s existing customer pricing pledge also means that existing Nationwide customers have the reassurance that our switcher product rates will be the same or lower than the remortgage equivalents.”
