Nationwide has launched its lowest ever fixed rate with a two-year mortgage charging just 1.94% at 60% LTV to existing mortgage customers.
The new two-year fixed rate up to 60% LTV is the first Nationwide fix to charge less than 2%.
The deal, which has a £900 product fee, is also available to new customers, but at a slightly higher rate of 2.04%.
First-time buyers pay a reduced product fee of £400.
Remortgage borrowers receive a free standard valuation and can choose between free standard legal fees or £250 cashback. Applicants pay a non-refundable booking fee of £99 on reservation.
Nationwide is also offering a two-year fixed rate without a product fee charging 2.34% to existing mortgage customers and 2.44% to other applicants, both up to 60% LTV.
Again, remortgage borrowers receive a free standard valuation and can choose between free standard legal fees or £250 cashback, and there is a non-refundable £99 booking fee.
Nationwide is reducing all two-year fixed rates available up to 70 per cent loan to value (LTV) by 0.10 per cent and all two and three-year tracker rate products by up to 0.15 per cent.
Tracie Pearce, head of group mortgages, said: “These reductions clearly demonstrate our commitment to offering extremely competitive rates, both to new and existing customers."
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