Nationwide has announced cuts of up to 0.29 percentage points across its remortgage and switcher ranges, continuing a week of rate reductions aimed at attracting a broad range of borrowers.

The new pricing, which comes into effect on Friday 25 April, applies to two, three and five-year fixed deals, as well as two-year tracker products, with rates available up to 95% loan-to-value.

The building society now offers a market-leading 3.94% remortgage rate at 60% LTV on both two and five-year fixed rate products, albeit with a £1,499 fee. Existing customers switching to a new deal can access the same rate with a lower £999 fee.

The changes mean that rates for new customers remortgaging now start from 3.94%, with reductions across the range including 0.24 percentage points off a two-year fixed rate at 85% LTV, bringing it down to 4.60% with a £999 fee. The five-year fixed rate at 75% LTV has dropped by 0.13 percentage points to 4.12%.

SWITCHING

For existing customers nearing the end of their current deal, switcher rates have also been trimmed. The two and five-year fixed products at 60% LTV have both been cut to 3.94%, with reductions of 0.15 and 0.05 percentage points respectively. Other switcher products have seen reductions of up to 0.24 percentage points, maintaining Nationwide’s customer pricing pledge that ensures switcher rates remain the same or lower than those offered to new remortgage customers.

The move comes just two days after Nationwide reduced rates for first-time buyers and home movers, with cuts of up to 0.25 percentage points announced on Wednesday. The coordinated reductions across the product range suggest a renewed focus by the mutual to reinforce its presence in a highly competitive mortgage market.

Carlo Pileggi, senior manager – mortgages at Nationwide, said: “After cutting rates for first-time buyers and home movers earlier this week, we are now reducing rates for existing customers looking for a new deal and new customers wanting to remortgage. The latest cuts ensure that we have competitive mortgage rates across the board and firmly position us as the go-to lender for every type of borrower.”