Nationwide is cutting rates by up to 0.15 percentage points across two-, three- and five-year fixes with its lowest rate starting from 4.48%, effective 18 August.

First-time buyers products will be reduced by up to 0.10% across two-, three- and five-year fixed rate products up to 95% loan-to-value (LTV).

This will include its five-year fixed rate at 90% LTV with a £999 fee, which is being lowered by 0.07% to 4.82%, the three-year fixed rate at 60% LTV with no fee will be cut by 0.09% to 4.99% and the two-year fixed rate at 95% LTV with no fee will go down by 0.10% to 5.34%.

For existing and new customers moving home, products will be reduced by up to 0.10% across two-, three- and five-year fixed rate products up to 95% LTV.

Cuts include the five-year fixed rate at 90% LTV with a £999 fee, down by 0.07% to 4.81%, the two-year fixed rate at 60% LTV with a £1,499 fee, down by 0.04% to 4.48% and the three-year fixed rate at 95% LTV with a £999 fee, down by 0.10% to 5.24%.

Meanwhile, remortgage products will be lowered by up to 0.15% across two-, three- and five-year fixed rate products up to 90% LTV.

These include five-year fixed rate at 60% LTV with no fee is 4.79%, down by 0.10% and the three-year fixed rate at 60% LTV with no fee is 4.94%, down by 0.15%.

Nationwide head of mortgage products Carlo Pileggi says: “We’re pleased to announce a further set of rate cuts across our fixed mortgage range, building on the cuts we made at the beginning of August.”

“These latest changes bring our lowest mortgage rate back below 4.5% for new and existing borrowers moving home, whilst also maintaining our support for first-time buyers with smaller deposits and those remortgaging.”