On its remortgage deals, a five-year fix at 60% loan to value (LTV) will be cut from 5.19% to 4.93%.

The equivalent deal at 75% LTV will be priced at 4.98%, down from 5.24%. 

These sub-5% rate deals signify a recent downward trend in mortgage pricing which has put average five-year fixes below 6% for the first time since October.

Average two-year fixes sit just above that at 6.13%, figures from Moneyfacts released today show. 

Platform, the lending arm of the Co-operative Bank, and Yorkshire Building Society have also made reductions, bringing select mortgage rates below 5%. 

Meanwhile, Nationwide’s two-year fixed remortgage at 85% LTV will be reduced by 0.15% to 5.59%, as its two-year tracker (80% LTV) will see the same reduction to 3.94%.

New borrowers moving home

For new borrowers moving home, the mutual’s five-year fix at 60% LTV will be reduced by 0.25% to 4.99% and a five-year fixed at 90% LTV is set to go down by 0.15% to 5.24%. 

A two-year fix at 75% LTV will fall 0.25% to 5.39%, while a two-year tracker at 60% LTV will be cut by 0.2% to 3.49%.

First-time buyer rate reduced

For first-time buyers, rates will be reduced by up to 0.30%. This includes a five-year fix at 90% LTV which will have a rate of 5.29%, down from 5.44% and a five-year fix at 60% LTV will go down from 5.24% to 5.04%. 

A two-year fix at 80% LTV will be cut by 0.1% to 5.59%, while a two-year tracker at 85% LTV will see a 0.3% reduction to 3.94%. 

All products have a fee of £999.

A stable market

Henry Jordan, director of mortgages at Nationwide Building Society, said: “Continued market stability and the downward trend in swap rates have meant we’ve been able to make further rate reductions on a large number of products across our mortgage range. 

“These changes now mean the Society has selected remortgage and house purchase products with rates below five per cent as we continue to support all types of borrowers, whether moving home or looking for a new deal.” 

Related: Beat expensive fixed rate mortgages with these three alternatives and Could mortgage porting work for you at a time of higher fixed rates?