The Nationwide Building Society is cutting tomorrow (14 January) selected 10-year fixed rates for existing Nationwide mortgage customers looking for a new deal, with rates starting at 2.94%.

Certain two-year fixed and tracker rates for existing customers looking to switch are also being reduced.

As 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 up to 0.45 percentage points.

The Loyalty Rate Mortgages changes are as follows:

10-year fixed rates
· 60% LTV 10-year fixed rate product with a £999 fee reduced by 45bps to 2.94%.
· 60% LTV 10-year fixed rate product with a £0 fee reduced by 40bps to 3.04%.

Two-year fixed rates
· 60% LTV two-year fixed rate product with a £0 fee reduced by 20bps to 1.94%.

Two-year trackers
· 85% LTV two-year tracker rate product with a £999 fee reduced by 10bps to 2.49%.
· 85% LTV two-year tracker rate product with a £0 fee reduced by 10bps to 2.89%.

Existing mortgage customers already benefit from an additional 10bps discount on new customer rates.