The Nationwide Building Society has cut rates on selected two and five-year fixed and tracker mortgage products by up to 0.20 percentage points.

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 percentage points with the 60% two-year fixed rate product starting at 1.19% with a £999 fee and 1.59% with no fee.

At 90% LTV, 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 percentage points and now starts at 1.69% for up to 60% LTV products.

All Nationwide tracker mortgage products currently have no Early Redemption Charges (ERCs). Existing mortgage customers benefit from a 0.10 percentage point discount on the new customer rate.

All standard mortgage valuations are now fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Remortgage customers are able to benefit from a free standard valuation and the choice between free standard legal work and £250 cashback.

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

“As well as offering a wide range of competitive mortgage rates, Nationwide also offers additional benefits to first time buyers, home movers and those remortgaging to the Society.”