Nationwide Building Society is cutting rates by up to 16 basis points tomorrow, taking some deals down to 0.99%.

The lender is making changes to its two and five-year fixed rate deals for first-time buyers, remortgage customers, further advance and product switch borrowers.

Among the changes for first-time buyers are the following price cuts:

• Two-year fixed rate at 60% LTV reduced by 0.05 percentage points to 0.99%, with a £1,499 fee
• Two-year fixed rate at 90% LTV reduced by 0.15 percentage points to 2.89%, with a £999 fee
• Five-year fixed rate at 75% LTV reduced by 0.05 percentage points to 1.44%, with a £1,499 fee
• Five-year fixed rate at 95% LTV reduced by 0.1 percentage points to 3.79%, with a £999 fee

For new customers moving home the following rates are reducing:

• Two-year fixed rate at 60% LTV reduced by 0.05 percentage points to 0.99%, with a £1,499 fee
• Two-year fixed rate at 90% LTV reduced by 0.1 percentage points to 2.84%, with a £999 fee
• Five-year fixed rate at 85% LTV reduced by 0.15 percentage points to 2.79%, with a £0 fee
• Five-year fixed rate at 95% LTV reduced by 0.1 percentage points to 3.79%, with a £999 fee

For remortgages:

• Two-year fixed rate at 60% LTV reduced by 0.16 percentage points to 1.28% with a £0 fee.
• Two-year fixed rate at 75% LTV reduced by 0.05 percentage points to 1.29% with a £999 fee
• Five-year fixed rate at 60% LTV reduced by 0.05 percentage points to 1.14% with a £1,499 fee.

For the Society’s existing members moving home, Nationwide is reducing rates by up to 0.11% on selected two and five-year products up to 95% LTV.

Nationwide is also reducing selected further advance, family deposit mortgage and switcher rates by up to 0.11%.

Nationwide’s first-time buyer mortgages also come with £500 cashback, while remortgage borrowers can choose between £500 cashback or free standard legal fees.

Nationwide director of mortgages Henry Jordan says: “The mortgage market remains highly competitive, which is why we are reducing our rates again to ensure that we can continue to remain one of the best lenders in the market for rate as well as service. 

“Whether someone is buying a new home or remortgaging their existing property we have a range of competitive mortgages on offer, including sub-1% rates.”