Nationwide has cut rates by 20 basis points on its range of two and three-year tracker mortgages.

A two-year tracker is now available at 2.59%, up to 70% LTV. It comes with either a £400 product fee and £99 booking fee for new home movers, first-time buyers and existing customers moving home, or a £900 product fee and £99 booking fee and no standard valuation or standard legal fees for remortgage customers.

A two-year tracker rate is available at 2.99%, up to 70% LTV, with a no product fee and £99 booking fee. There are no standard valuation or standard legal fees for remortgage customers.

Martyn Dyson, head of mortgages at Nationwide, said: “Our tracker customers have the reassurance of knowing that