The Nationwide Building Society is cutting selected fixed rates by up to 0.20 basis points, with five-year fixed rate deals starting at less than 2% for the first time.

The five-year fixed rate range will now start at 1.99% with a £999 fee and 2.19% with no fee.

In addition, options for customers with a 5% deposit will be expanded with new tracker rate products. New 95% loan to value (LTV) products will be added to the tracker range, with introductory rates of 3.59% with a £999 fee and 3.99% with no fee respectively and with no Early Redemption Charges (ERCs).

The UK’s largest building society is also making rate reductions to a wide selection of its three and 10-year fixed rate products, with the three-year fixed rate products starting at 1.69% with a £999 fee and 1.99% with no fee.

For those looking for long-term payment security, the 10-year fixed rate products are further reduced to set a new lowest-ever rate from the Society, from 2.69% with a £999 fee and 2.79% with no fee for the 60% LTV deal.

All standard mortgage valuations are now fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Nationwide Flex main current account holders who are taking out a Nationwide mortgage are also eligible for an additional £250 cashback.

Existing Nationwide mortgage customers receive a £250 cashback when they take a new mortgage deal, in addition to continuing to benefit from a 0.10 basis point discount on new customer rates.

Meanwhile, for new customers, rates for some tracker deals will see an increase, with the two-year tracker products up by 0.05 basis points at 1.34% with a £999 fee and 1.74% with no fee.

Henry Jordan, Nationwide’s head of mortgages, said: “In addition to our recent reductions to fixed rate mortgage deals, we are making further cuts to fixed rate products for those looking for competitive rates and payment security.

“For those with small deposits looking for flexibility, including first time buyers, we are also introducing a new tracker mortgage product at 95% LTV at less than 4%. The Society continues to offer tracker rates that are amongst the most competitive available, with additional features such as a £500 cashback for first time buyers, free standard valuations and no ERCs.

“With the combination of competitive rates and access to additional benefits for both new and existing customers, Nationwide will continue to offer deals that are amongst the best on the high street.”