Every Friday, Nationwide will do the shopping around for its mortgage customers, reviewing like-for-like competitor mortgage rates for its existing mortgage customers.
If any of the competitor lenders has comparable remortgage rates that are lower than those the Society is offering, Nationwide’s rates will be lowered the following Wednesday below the comparable competitor rates.
Richard Napier, Nationwide’s divisional director of mortgages and savings, said: “Following our recent extensive reductions across our mortgage range, Nationwide’s mortgage deals for existing customers are already extremely competitive.
“With Loyalty Rate Mortgages, we are taking that a step further. We are constantly reviewing the market so that our existing mortgage customers can be confident our rates compare favourably against those of our competitors.
“We are doing the work for them by checking the rates of the top six lenders to make sure that we offer the best rates.
“Nationwide is also demonstrating its mutual difference by doing more for our existing customers. Loyalty Rate Mortgages will further enhance our suite of offers for our members that reward customer loyalty, with other offers including Flexclusive benefits for main current account holders and Simply Rewards deals for current account and credit card holders. This demonstrates the benefits of being a Nationwide member and is another example that we are on their side.”
Rates will be compared against NatWest/ RBS, Halifax, Santander, HSBC, Barclays/Woolwich and Lloyds.
