The Nationwide Building Society is cutting fixed rate mortgages tomorrow (16 June), as well as two-year tracker rates, by up to 0.25 percentage points.

The reductions are being made on a range of two, three, five and 10-year fixed rate deals. There are sub 3% rates for the 10-year fixed rate product, which now starts at 2.99% with a £999 fee for up to 70% LTV products. Rates for the five year fixed start at 2.19% for the 60% LTV product with a £999 fee.

Two and three-year fixed rate products at 95% LTV have been reduced, with the two-year starting at 3.89% and the three-year starting at 4.39%, both with a £999 fee.

The new deals are complemented by the Society’s range of additional benefits for both first time buyers and home movers. All mortgage valuations are now fee-free, while first time buyers are able to access a £500 cashback to help with the cost of moving. Nationwide Flex main current account holders who are taking out a Nationwide mortgage are also eligible for an additional £250 cashback.

Henry Jordan, Nationwide’s head of mortgages, said: “We are reducing rates for those looking for longer-term payment security, with one of the most competitive rates on the market for those customers opting for the 10 year fixed rate product and a host of additional benefits. These include fee-free valuations and access for main Nationwide current account customers to a cashback of £250, both irrespective of which product they choose.

“In addition, we have a range of deals for those with smaller deposits looking for competitive rates and who will qualify for a £500 cashback if they are first time buyers. There are also reductions for those customers choosing the flexibility of a tracker product.

“In a range of key customer segments, Nationwide will continue to offer mortgage customers amongst the best overall deals on the high street.”