The changes apply from tomorrow across products for first-time buyers, homemovers, remortgage and switching borrowers. 

For new borrowers moving home, the mutual has lowered the rate of a three-year fix at 60 per cent loan to value (LTV) to 4.99 per cent after a 0.45 per cent reduction. At the same tier, a five-year fix has been cut by 0.2 per cent to 4.74 per cent. 

At 90 per cent LTV, another five-year fix has been reduced by 0.15 per cent to 5.25 per cent. 

All products have a £999 fee. 

For first-time buyers, rates have been reduced by up to 0.29 per cent, including a fee-free two-year fix at 60 per cent LTV which has been lowered by the headline rate to 5.74 per cent. 

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The five-year fixed option at the same tier with a £999 fee is now 4.84 per cent, after a 0.1 per cent reduction. 

Nationwide has reduced remortgage rates by up to 0.36 per cent across two, three, five and 10-year fixed options up to 75 per cent LTV. 

The mutual’s additional borrowing and switcher rates will also be cut by up to 0.45 per cent. 

Henry Jordan, director of home at Nationwide Building Society, said: “As a mutual and one of the largest lenders in the country, we remain as committed as ever to supporting borrowers, which is why, with swap rates continuing their downward trajectory, we’re making yet more rate cuts across the majority of our product range.  

“These latest rate cuts will ensure that we have some of the most competitive rates on the market for all types of borrowers whether it be first-time buyers, home movers or those looking to remortgage or switch deal.” 

 

TSB cuts rates 

TSB will also be lowering mortgage rates from tomorrow across its residential and buy-to-let products. 

Residential mortgage rates will be reduced by up to 0.2 per cent while buy-to-let rates will be cut by up to 0.15 per cent.