Nationwide Building Society will cut selected fixed-rate loans by up to 31 basis points across two-, three- and five-year fixes from tomorrow (8 December), with prices starting at 4.29%.  

The move comes as Halifax also says it will reduce prices on selected offers by as much as 25bps on Friday.  

Nationwide’s new rates include reductions of up to 26bps for new customers moving home across two-, three- and five-year fixes up to 95% loan to value, including:    

• Five-year fixes at 60% LTV, with a £999 fee at 4.29%, down by 14bps  

For first-time buyers, it will introduce cuts of up to 28bps across two-, three- and five-year fixes up to 95% LTV, including:    

• Two-year fixes at 75% LTV, with a £999 fee, at 4.85%, down by 28bps  

For remortgages, it will launch reductions of up to 31bps across two-, three- and five-year fixes up to 90% LTV, including:   

• Three-year fixes at 75% LTV, with a £999 fee, at 4.89%, down by 31bps  

The mutual will cut selected two-, three- and five-year switcher rates at 95% LTV by up to 19bps.  

It will also reduce rates for existing customers moving home by up to 24bps.  

Nationwide Building Society director of home Henry Jordan says: “These latest changes mark our eleventh reduction in four months with rates now starting from 4.29%.   

“In a continually moving market, we always aim to remain competitive across the board for first-time buyers, home movers and those looking to remortgage.”    

Earlier, Halifax said it would make selected 25bps rate cuts across a range of products tomorrow.  

These will cover remortgage and homebuyer loans (including first-time buyer), new build, large loans and affordable housing – shared equity/shared ownership and equivalent green home products, it said in a broker note.  

It added that full details will be published on its intermediary website tomorrow.  

John Charcol technical mortgage manager Nicholas Mendes adds: “Following Halifax’s reprice notice earlier this afternoon, Nationwide has released what could be the final best buy rate for the year.   

“In a sizable reprice Nationwide has released a five-year fixed-rate home loan at 4.29% up 60% LTV.  

“This firmly puts them ahead of the competition before the weekend in a strategic move to ensure they remain in pole position.  

“Unlike trying to bet on Christmas Number One single, mine would be on Nationwide.”