Notable reductions for new customers moving home include the 85% LTV 2-year fix cut by 0.05% to 1.57%, with a £1,499 fee, and the 90% LTV 3-year fix cut by 0.10% to 1.94%, with a £999 fee.

For first-time buyers the 85% LTV 2-hyear fix has been cut by 0.17% to 1.62% with a £1,499 fee and the 95% LTV 2-year fix by 0.05% to 2.94% with a £1,499 fee.

For the society’s existing members moving home, it will cut rates by up to 0.11% on selected 2- and 3-year fixed products between 75% and 95% LTV.

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

Henry Jordan, director of mortgages at Nationwide, said: “By improving the competitiveness of our 2- and 3-year fixed rate products, we are aiming to support those mortgage customers with smaller deposits who are looking for payment security.”