Nationwide will cut rates on selected first-time buyers and home mover mortgages by up to 0.20% on Wednesday (26 May).

The UK’s largest building society says the reductions in its first-time buyers range include two and five-year fixed rate products.

They include:

A two-year fixed-rate mortgage at 85% loan to value, cut by 0.20% to 2.49%, with a £999 fee.

A five-year fixed-rate loan at 85% LTV, reduced by 0.15% to 3.04%, with no fee.

And a two-year fixed-rate loan at 90% LTV cut by 0.15% to 3.24%, with no fee.

For new customers moving home, the mutual offers reductions of up to 0.15% across selected two and five-year fixed-rate products.

They include:

A two-year fixed-rate loan at 90% LTV, down by 0.15% to 2.99%, with a £999 fee.

And a five-year fixed-rate loan at 85% LTV, cut by 0.15% to 2.69%, with a £999 fee.

It has also cut a two-year fixed-rate remortgage product at 60% LTV, which falls by 0.05% to 1.04%, with a £1,499 fee.

The mutual adds that for existing members moving home, it will reduce rates by up to 0.10% on selected two and five-year products up to 90% LTV.

It is also amending selected further advance, family deposit mortgage, shared equity and switcher rates.

Nationwide director of mortgages Henry Jordan says: “These latest rate reductions once again demonstrate our continued support for both first-time buyers and home movers, following on from the recent launch of our Helping Hand and 95% mortgage range.

“With these competitive rates, we are making sure that, as the UK’s second-largest lender, Nationwide remains one of the best options around for all types of borrowers.”

Last week, the lender brought back 95% LTV mortgages without making use of the government’s Mortgage Guarantee Scheme. Only employed borrowers are eligible, with flats and new-build homes excluded.

The mutual launched its Helping Hand mortgage in April, which allows first-time buyers to borrow up to 5.5 times their income when taking a five or 10-year fixed rate up to 90% LTV.