Nationwide has reduced rates for existing customers switching to a new deal or new customers remortgaging by up to 0.22 percentage points.

It’s also cutting all two-year tracker product rates by 0.25 percentage points following the Bank of England’s base rate reduction late last week. 

Remortgages have been cut by up to 0.22 percentage points across selected two, three and five-year fixed rate products, with rates starting from 3.84%, up to 60% of the property’s value, with a £1,499 fee.

Switcher rates for existing customers also start from 3.84%, but with a lower £999 fee.

There is also a three-year fixed rate at 90% loan-to-value (LTV) with a £999 fee at 4.89% and a fee-free two-year fixed rate at 75% LTV at 4.54%.

Carlo Pileggi, Nationwide’s senior manager in the mortgages division, comments: “Our fourth set of rate cuts in three weeks shows how we are working hard to support all types of borrowers. The changes we’re making are aimed at ensuring we are well-positioned to support both new and existing customers who are currently looking for a new mortgage deal and follow the rate cuts made earlier this week which focused more on first-time buyers and home movers.”

Meanwhile another Nationwide brand – The Mortgage Works – cut rates on selected buy to let and limited company products for new and existing customers by up to 0.30 percentage points. 

The new rates took effect over the weekend.

New business rate reductions include:

• Buy-to-let two-year fixed rate (purchase and remortgage) at 2.79% with a 3% fee, available up to 65% LTV (reduced by 0.20%)

• Buy-to-let two-year fixed rate (remortgage only) at 3.29% with a 3% fee, available up to 75% LTV (reduced by 0.30%) – with free valuation and free legals.

• Limited company buy-to-let two-year fixed rate (purchase, remortgage and further advance) at 4.14% with a 3% fee, available up to 75% LTV (reduced by 0.10%) – with free valuation.

Switcher rate reductions include:

• Buy-to-let two-year fixed rate at 4.60% with no fee, available up to 65% LTV (reduced by 0.10%)

• Buy-to-let two-year fixed rate at 4.79% with no fee, available up to 75% LTV (reduced by 0.10%)

• Limited company buy-to-let two-year fixed rate at 5.94% with no fee, available up to 75% LTV (reduced by 0.05%)

Joe Avarne, senior manager at The Mortgage Works, says: “We’re pleased that the current environment means we’re able to support landlords with some further rate reductions on selected mortgages.”