Nationwide is to cut its two-year 50% LTV fixed mortgage rates for new applications tomorrow (Friday).

The two-year fixed rate is priced at 2.99%. It come with a £400 product fee and £99 booking fee (payable upfront and non-refundable) for house purchase customers, whereas remortgage and switcher customers will be liable for a £900 product fee and £99 booking fee.

Martyn Dyson, head of mortgages at Nationwide, said: “This rate reduction of our two-year fixed deals at 50% LTV is great news for borrowers with a larger deposit.