Notable reductions for house purchase include the 75% LTV 5-year fix, cut by 0.05% to 1.94%.

For first-time buyers, 2- and 5-year fixed rates at 75% LTV have been reduced by 0.10% to 1.94%, with no product fee

Looking to options for shared equity, the 80% LTV 5-year fix has been cut by 0.35% to 2.49%, with a £999 fee.

Alternatively this offering is available at 2.69% without a fee.

Henry Jordan, director of mortgages at Nationwide, said: “Nationwide continues to offer a range of options to people buying a home and in particular to first time buyers.

“The latest reductions will see the society offering some of the lowest rates on the market, particularly those looking to get onto the first rung of the housing ladder with a shared equity loan.”