The Nationwide Building Society is cutting a range of two-year tracker and five-year fixed rates for its existing mortgage customers looking for a new deal.

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 0.10 percentage points.

The Loyalty Rate Mortgages changes are as follows:

Five-year fixed rates:
· 70 per cent LTV 5 year fixed rate with a £999 fee reduced by 10bps to 2.74%.
· 70 per cent LTV 5 year fixed rate with no fee reduced by 10bps to 2.94%.

Two year tracker rates:
· 60 per cent LTV 2 year tracker rates with a £999 fee reduced by 10bps to 1.24%
· 60 per cent LTV 2 year tracker rates with a £0 fee reduced by 10bps to 1.64%

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

The changes will take place on Wednesday 3 December.