The Nationwide Building Society is cutting two, three and five-year fixed rate mortgage products by up to 0.20 percentage points.

Rates across the full range of two-year fixed products up to 95% loan to value (LTV) have been reduced, with the 60% two-year fixed rate product starting at 1.29% with a £999 fee and 1.69% with no fee.

For those with a 5% deposit, predominantly first time buyers, rates are 3.69% with a £999 fee and 4.09% with no fee.

The three-year fixed rate products start at 1.59% with a £999 fee and 1.89% with no fee with a 40% deposit, ranging to 4.09% with a £999 fee and 4.39% with no fee for those with a 5% deposit.

For the five-year fixed rate product range, rates start at 1.89% with a £999 fee and 2.09% with no fee at 60% LTV, up to 4.49% and 4.69% respectively for products at 95% LTV.

In addition, the rate for the 75% LTV five-year tracker product with a £999 fee is reduced to 2.14%. All Nationwide tracker mortgage products currently have no Early Redemption Charges (ERCs).

Existing mortgage customers benefit from a 0.10 percentage point discount on the new customer rate, as well as a £250 cashback for mortgage customers switching to a new deal or moving home.

All standard mortgage valuations are now fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Remortgage customers are able to benefit from a free standard valuation and the choice between free standard legal work and £250 cashback.

Henry Jordan, Nationwide’s head of mortgages, said: “We are reducing rates across the range of fixed rate products, for those with both large and small deposits. As well as offering additional member benefits to first time buyers, home movers and those remortgaging to the Society, we are extending member choice as well as offering a wide range of competitive mortgage rates.”