The Nationwide Building Society has introduced a new £250 cashback to thank its existing mortgage customers who take a new product, either when switching their deal or moving home.

The move is in addition to a 0.10 percentage point loyalty discount on the core Nationwide mortgage range, which is now available to all existing mortgage customers.

Both new and existing customers are already able to benefit from fee-free standard valuations.

Henry Jordan, Nationwide’s head of mortgages, said: “We are always keenly focussed on supporting customers with the costs of home ownership as well as recognising and rewarding customer loyalty.

“By offering loyalty rates for our existing mortgage customers taking a new deal, plus providing an additional thank you of £250 cashback, we are supporting those looking for both upfront and long-term value with Nationwide.”