The society is also reintroducing tracker mortgages for existing customers moving home, in need of additional borrowing, those who are switching and those using shared equity schemes with rates starting from 0.79 per cent.
Nationwide’s first-time buyer tracker mortgages also come with £500 cashback, while those looking to remortgage to the mutual can choose between £500 cashback or free standard legal fees.
The rates for new customers moving home include a two-year tracker rate at 60 per cent LTV launched at 0.79 per cent. There is also a two-year tracker rate at 75 per cent LTV launched at 0.84 per cent and a two-year tracker rate at 90 per cent LTV launched at 1.29 per cent. All have a £1,499 fee.
In regards to remortgagors, there is a two-year tracker rate at 60 per cent LTV launched at 0.89 per cent, with a £1,499 fee and two-year tracker rate at 75 per cent LTV at 1.04 per cent, with a £999 fee. There is also a two-year tracker rate at 85 per cent LTV launched at 1.16 per cent, with a £999 fee.
Henry Jordan, director of mortgages, said: “By pricing our trackers 0.40 per cent below equivalent fixed rates we can ensure they are not only competitive at the current time, but that they remain competitive should bank rate increase in the near future.”