The mutual will make the reductions tomorrow (Wednesday 10 April) on products at 60% and 70% loan-to-value. This includes a 2.24% two-year and a 2.89% five-year fix at 60% LTV. Further discounts are available for existing customers.

Nationwide said these products are the lowest fixed rate products it has ever offered. 

Tracie Pearce, head of mortgages at Nationwide, said: “I’m pleased to announce that we have reduced rates on all fixed rates and tracker rates for those customers with at least a 30 per cent deposit.

“These latest reductions mean Nationwide is now offering the lowest fixed rate mortgages in the Society’s history. 

“The cuts of up to 0.10 percentage points could benefit those buying a house or remortgaging. In particular, our three year fixed rate mortgages available to 60 per cent LTV at 2.49 per cent are now among the lowest rates in the market.”

Products include 
– 2.24% two-year fixed rate up to 60% LTV (2.14% for existing borrowers)
– 2.49% three-year fixed rate up to 60% LTV (2.39% for existing borrowers)
– 2.89% five-year fixed rate up to 60% LTV (2.79% for existing borrowers)
– 2.49% Flexclusive four-year fixed rate up to 60% LTV (2.39% for existing borrowers)

All three products have tracker equivalents available and fees of £400 for first-time buyers and £900 for other purchases apply alongside a £99 booking fee.