The Nationwide Building Society has launched a new five-year tracker mortgage product.

Rates for the 60% loan to value (LTV) tracker product start at 1.89% with a £999 fee. There is also a 70% LTV tracker mortgage at 2.09% with a £999 fee, and a 75% product LTV at 2.19% with a £999 fee.

All Nationwide tracker mortgage products currently have no Early Redemption Charges (ERCs). Existing mortgage customers benefit from a 0.10 percentage point discount on the new customer rate, as well as a £250 cashback for mortgage customers switching to a new deal or moving home.

All standard mortgage valuations are now fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Nationwide Flex main current account holders who are taking out a Nationwide mortgage are also eligible for an additional £250 cashback. Remortgage customers are able to benefit from a free standard valuation and the choice between free standard legal work and £250 cashback.

Henry Jordan, the Nationwide’s head of mortgages, said: “We are extending the choice of Nationwide tracker mortgages to include a five-year option, responding to customer demand and a growing market for more flexible products. This will be particularly useful for those with larger deposits looking for a product that provides maximum flexibility with no limit on overpayments.

“With the combination of competitive rates and access to additional benefits, Nationwide will continue to offer mortgage deals that are amongst the best on the high street.”