The Nationwide Building Society is making a series of rate reductions across its mortgage range, reducing selected fixed rate deals by up to 0.30 percentage points.

at 90% LTV, two-year fixed rate products now start at 3.34% with a £999 fee, while five-year fixed rate deals with a £999 fee start at 3.89%.

For those customers with a Nationwide main current account, there is a range of new rates for the Flexclusive four-year fixed rate products, with the 90% LTV rate with a £999 fee reduced by 0.20 percentage points to 3.74%.

Henry Jordan, Nationwide’s head of mortgages, said: “Nationwide remains committed to our heritage of helping customers get a foot on the first step of the property ladder. This new range of competitive fixed rates, with a particular focus on customers with smaller deposits, compliments the recently launched £500 cashback for all first time buyers.”

All first time buyers, regardless of product choice, will now receive a £500 cashback. The first time buyer cashback is offered in addition to any further cashback provided through both Nationwide’s Save to Buy, which offers a cashback of up to £1,000 to savers taking out a Save to Buy mortgage, and with Flexclusive mortgage deals, which offer the choice between a £250 cashback or free standard legal work.

Existing mortgage customers benefit from at least an additional 0.10 percentage point discount on all new customer rates. Remortgage customers benefit from free standard valuation and the choice between free standard legal work or £250 cashback. The £500 cashback first time buyer cashback will be paid directly to the customer’s bank account within a month of completion.