Nationwide Building Society has announced rate reduction across fixed products for existing members switching to a new deal by up to 1.30% from 1 November.

The new switcher rates include a two-year fixed at 4.84% with a £999 fee and 4.99% with zero fee, available across all loan-to-values (LTVs).

The switcher three-year fixed rate is 4.84% with a £999 product fee while the five-year rates are 4.79% with a £999 product fee, both also available across all LTVs.

Additional borrowing rates will also reduce by up to 1.00% with two-year fixed rates from 60% LTV to 90% LTV at 4.84% with a £999 fee and 4.99% with zero fees.

The three and 10-year rates on additional borrowing will match the two-year rates, while all rates on the five-year from 60% LTV to 90% LTV at 4.64% with a £999 fee and 4.79% with zero fees.

Green Additional Borrowing rates will also reduce by 0.30%. All rates from 60% LTV to 90% LTV on two and 10-year products will be 4.69% with zero fees. 

Nationwide director of mortgages Henry Jordan says: “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 five per cent, 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 months to five months from 1 November and to four months from 1 December.”