Nationwide Building Society has launched a half price product fee offer on its range of five-year fixed rate mortgages.

It is also reducing remortgage rates by between 0.10-0.20 percentage points across the range.

The fee offer means that the usual £900 product fee will be reduced to £450 for those purchasing a new home, remortgage customers and existing customers moving home, and £200 for first-time buyers (including the existing £500 product fee discount first-time buyers with Nationwide already receive).

At the same time, Nationwide is reducing its three-year fixed rate mortgages by 0.10 percentage points and reintroducing a 60% Loan to Value (LTV) tier for two-year fixed rate mortgages, with rates starting from 3.49%.

Tracie Pearce, Nationwide’s head of group mortgages, product & pricing, said: “Our five-year fixed rate mortgage is currently a very popular product with competitive pricing. The addition of this fee discount means we can provide tangible support to more customers looking to fix their mortgage payments over the longer term. Coupled with our comprehensive service offering, it makes a fixed rate mortgage with Nationwide particularly attractive.

“We recognise that buying a home can seem complicated and costly – particularly for first-time buyers. The combination of this fee discount with our existing first-time buyer discount clearly demonstrates our ongoing commitment to those looking to buy their first home, by considerably reducing their upfront costs.”