Nationwide is cutting rates across its switcher range by up to 0.12 percentage points. The new rates, across two, five and ten-year fixed rate products, will be effective from today.
The latest cuts apply across selected two, five and ten-year fixed-rate switcher products and form part of the building society’s ongoing efforts to support existing customers navigating a changing interest rate environment.
Switcher rates, which are for existing Nationwide customers coming to the end of their current mortgage deal, start from 4.56%.
Among the headline changes are a two-year fixed rate at 60% loan-to-value (LTV) with a £999 fee, reduced by 0.03 percentage points to 4.56%, and a five-year fixed rate at 60% LTV with a £999 fee, which has been cut by 0.10 percentage points to 4.59%. Nationwide has also reduced its fee-free five-year fixed rate at 75% LTV by 0.12 percentage points to 4.83%.
The changes come amid continued competition in the mortgage market, with lenders adjusting pricing as funding costs and interest rate expectations evolve. For borrowers nearing the end of a fixed-rate period, product transfer deals remain an increasingly popular option, allowing customers to secure a new rate without undergoing a full remortgage application process.
Carlo Pileggi, Nationwide’s Head of Mortgage Products, said: “We’re making these latest rate cuts to support existing customers as they come to the end of their current deal. Together with our pricing pledge – ensuring switcher rates will be the same or lower than the remortgage equivalents – it reflects our commitment to helping our customers secure the best possible rate on a new mortgage deal.”
