Rates in the two-year fixed product range up to 60%, 85% and 90% loan to value (LTV) have been reduced by up to 0.15% with the 60% two-year fixed rate product starting at 1.19% with a £999 fee and 1.59% with no fee.

For those with a 10% deposit, predominantly first time buyers, rates have been reduced to 2.24% with a £999 fee and 2.64% with no fee.

The five-year fixed rate product with a 40% deposit now starts at 1.89% with a £999 fee and 2.09% with no fee.

Selected tracker rates have also been reduced, with the two-year tracker at up to 60% LTV starting at 1.19% with a £999 fee and 1.59% with no fee.

The five-year tracker with a £999 fee has been cut by 0.20% and now starts at 1.69% for up to 60% LTV products.

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Nationwide head of mortgages Henry Jordan, said: “We are reducing selected rates across the fixed and tracker rate product ranges, for those with both large and small deposits.”