There's some welcome news for Nationwide mortgage customers as they're given a cash boost.

said it would be cutting mortgages rates for those remortgaging or switching deals by betwen 0.13% and 0.35% while Yorkshire Building Society (YBS) is dropping some rates on its mortgages by 0.97%.

The UK's largest building society will be reducing selected fixed rates for new and existing customers moving home by up to 0.10%, with the new rates effective from tomorrow, Friday, February 14.

Nationwide and YBS have reduced rates follows the from 4.75% to 4.5%.

A borrower with an average outstanding mortgage owing of £190,000, could save up to £665 in interest a year.

Nationwide is reducing remortgage rates by up to 0.35% across two, three, five-year fixed rate products up to 95%.

Its two-year fixed rate at 60% loan to value (LTV) has been reduced by 0.15% while its two-year 90% loan to value fixed remortgage rate has been reduced by 0.35%.

The latest changes also continue Nationwide's existing mortgage customer pricing pledge, meaning that all switcher product rates will be the same or lower than the remortgage equivalents.

This means existing Nationwide customers coming to the end of their current mortgage deal will see rates reduced by up to 0.13% across selected two, three and five-year products up to 90% LTV with rates starting from 4.12%.

New customers moving home will see reductions of up to 0.10% across two-year fixed rate products of up to 90% LTV.

Existing customers moving home will also see rates reduced by up to 0.10% across two-year fixed rate products up to 90% LTV.

Meanwhile YBS has reduced its two-year fixed rate 75% LTV, for house purchase to 4.44% from 4.56% while its five-year fixed rate to 80% LTV, has been cut from 4.42% to 4.30%.

Carlo Pileggi, Nationwide's senior manager - mortgages, said: "The cuts we're making to our remortgage and switcher products demonstrate our commitment to new and existing customers as they look to secure the best rate possible on a new mortgage deal.

"Nationwide's existing customer pricing pledge also means that existing Nationwide customers have the reassurance that our switcher product rates will be the same or lower than the remortgage equivalents."

Cheryl Bleasdale product manager at Yorkshire Building Society said: "We're delighted to be able to cut our rates again so soon after our last decrease.

"Market rates have provided us with this golden opportunity over the past week and we will continue to watch developments closely and act where we can to help our borrowers save money."

Rachel Springall, finance expert at Moneyfacts, said: "It's fantastic to see Yorkshire Building Society make more cuts to fixed rates within its mortgage range. There are millions of borrowers due to refinance this year, so it's positive to see borrowers to see cuts, particularly on deals which also carry cost-saving incentives."