Its two, three, five and 10-year fixed-rate switcher products, as well as its two-year tracker mortgages, are reduced by up to 0.25%.

Across its range with a £1,499 fee and its later life mortgage products (retirement interest only (RIO) and retirement capital and interest) there are reductions of up to 0.40%.

Henry Jordan, Nationwide’s director of mortgages, said: “While the housing market slowly begins to open up again, the mortgage market continues to remain as competitive as ever.

“Although many borrowers continue to like the security of fixing their mortgage repayments, we know there are some who want to take advantage of these historic low interest rates by going for a tracker mortgage.

“These reductions demonstrate our commitment to offering competitive rates on both fixed and trackers across a range of LTVs, ensuring we support borrowers no matter how much deposit they have.”