As of tomorrow (1st November) Nationwide Building Society is reducing its fixed rates for existing members switching to a new deal by up to 1.30%.
The new switcher rates include 2-, 3- and 10-year fixed rates at 4.84% with a £999 fee available across all loan-to-value (LTVs).
5-year fixed rates at 4.64% with a £999 fee will also be available across all LTVs.
Additional borrowing rates will be reduced by up to 1.00% while Green Additional Borrowing rates will reduce by 0.30%.
Henry Jordan, Nationwide’s director of mortgages, said: “Following recent uncertainty, markets have stabilised and swap rates are falling, which allows us to reduce switcher rates to levels towards those seen in September.
“All existing mortgage members are now able to access rates below 5%, regardless of product term or loan-to-value.
“These changes will help our members to manage their payments when current deals end and is one of the ways our mutual status allows us to support them through the high costs of living.”
The Society will also reduce the window in which borrowers can switch to a new deal from six month to five months from 1st November and to four months from 1st December.
