Nationwide has cut all two-year fixed rates available up to 70% loan to value (LTV) by 10bps.

This makes it the Society’s lowest ever fixed rate deal.

The changes include Nationwide’s first sub 2% fixed rate product, available up to 60% LTV for their existing mortgage customers.

Key deals include:

New 2.04% two-year fixed rate up to 60% LTV with £900 product fee (1.94% for existing Nationwide mortgage customers)

• First time buyers pay a reduced product fee of £400
• Remortgage borrowers receive a free standard valuation and the choice of either free standard legal fees or £250 cashback
• A non-refundable booking fee of £99 is payable on reservation

New 2.44% two-year fixed rate up to 60% LTV with no product fee (2.34% for existing Nationwide mortgage customers)

• Remortgage borrowers receive a free standard valuation and the choice of either free standard legal fees or £250 cashback
• Non-refundable booking fee of £99 is payable on reservation

Nationwide is also reducing all two and three year tracker rate products by up to 0.15%.

Tracie Pearce, head of group mortgages at Nationwide, said: “These reductions clearly demonstrate our commitment to offering extremely competitive rates, both to new and existing customers.

“In particular, the reduction of two-year fixed rates available up to 70% LTV by 0.10% means we are offering our lowest ever fixed rate deal.”