The Nationwide Building Society has cut two-year and five-year fixed rate deals at 60% loan to value (LTV), as well as reducing selected fixed rate deals for switchers as part of the Society’s Loyalty Rate Mortgage initiative.

Rates for the 60% LTV two year fixed rate with a £999 fee now start at 1.59%, with the five year fixed rates with a £999 fee starting at 2.29%. These are the lowest rates that Nationwide has offered for the two year and five year fixed rate products.

The new rates are as follows:

• 60% LTV 2 year fixed rate with a £999 fee reduced by 0.15 percentage points to 1.59%.

• 60% LTV 2 year fixed rate with a £0 fee reduced by 0.15 percentage points to 1.99%.

• 60% LTV 5 year fixed rate with a £999 fee reduced by 0.05 percentage points to 2.29%.

• 60% LTV 5 year fixed rate with a £0 fee reduced by 0.05 percentage points to 2.49%.

First time buyers pay a reduced product fee of £499. Remortgage borrowers receive a free standard valuation and the choice of either free standard legal fees or £250 cashback. A rate discount of 0.10 percentage points for existing borrowers is applied to all new loan deals.

Henry Jordan, Nationwide’s head of mortgages, said: “Nationwide continues to offer great value rates to customers, helping them to ensure longer term security for mortgage payments. We are also demonstrating our mutual difference by offering competitive fixed rate deals to new Nationwide mortgage customers, whilst continuing to offer additional discounts for existing mortgage customers and first time buyers.”

Nationwide also continues to offer its Loyalty Rate Mortgages initiative, which compares the Society’s mortgage rates for existing customers with those of its top six high street competitors and guarantees to offer the lowest comparative rate for those looking for a new deal.

The Loyalty Rate Mortgages change is as follows:

• 75% LTV 2 year fixed rate with £999 fee reduced by 0.05 percentage points to 1.74%.
• 75% LTV 2 year fixed rate with £0 fee reduced by 0.05 percentage points to 2.14%.
• 85% LTV 5 year fixed rate with £999 withdrawn.
• 85% LTV 5 year fixed rate with £0 fee reduced by 0.20 percentage points to 3.44%.
• 90% LTV 5 year fixed rate with £999 withdrawn.
• 90% LTV 5 year fixed rate with £0 fee reduced by 0.20 percentage points to 3.94%.