The Nationwide Building Society has cut selected two-year tracker rates by up to 0.25 percentage points for existing Nationwide mortgage customers.

Rates for the 60% loan to value (LTV) two-year tracker products start at 1.19%, while the 85% LTV two-year tracker product starts at 2.24%.

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.

The Loyalty Rate Mortgages changes for two-year trackers are as follows:

•  60% LTV two-year fixed rate product with a £999 fee reduced by 0.05 percentage points to 1.19%.
• 60% LTV two-year fixed rate product with a £0 fee reduced by 0.05 percentage points to 1.59%.
• 85% LTV two-year fixed rate product with a £999 fee reduced by 0.25 percentage points to 2.24%.
• 85% LTV two-year fixed rate product with a £0 fee reduced by 0.25 percentage points to 2.64%.

Existing mortgage customers already receive an additional 0.10 percentage point discount on new customer rates.

The Loyalty Rate Mortgages initiative is only available to Nationwide’s existing mortgage customers who are looking to switch deal.

Remortgage customers benefit from free standard valuation and the choice between free standard legal work or £250 cashback.