Nationwide to offer lower rates to loyal customers
The society will offer reduced rates to existing customers when they borrow more, move home or change mortgage deal.
Currently, Nationwide offers loyalty discounts to customers at its own discretion, but the new scheme will see all existing customers automatically offered lower rates.
The loyalty discounts will apply to all mortgages, including products sold direct and those through a broker.
Tracie Pearce, head of mortgages at Nationwide, said: “We wanted to give existing customers the clear message that their loyalty is valued. We are demonstrating this by offering them lower rates than those we offer our new customers.
“When other providers use their best deals to lure in new customers, it’s reassuring to know that as an existing customer of Nationwide, you will be offered our very best rates either when you come to the end of your deal or if you want to borrow more.”
New rates from Nationwide include a four-year fixed rate Flexclusive, available to existing mortgage customers moving home at 2.79% and new customers at 2.89%, both up to 60% LTV.
A two-year fixed rate deal is on offer to existing customers at 3.39% and new customers at 3.49%, up to 70% LTV, while a five-year fixed rate mortgage is available for all existing customers at 3.59% and new customers at 3.69%, also up to 70% LTV.
A £900 product fee and £99 booking fee applies to all products.
Nationwide will also increase the number of customers who have access to its Flexclusive range from September. It will become available to all existing mortgage customers with a FlexAccount, rather than just those moving home.