Selected house purchase rates are being reduced by up to 0.15% including the 2-year fixed rate at 75% LTV reduced by 0.05% to 1.54% with a £999 fee and the 5-year fixed rate at 85% LTV cut by 0.15% to 3.14% with no fee.

The 2-year fixed rate at 85% LTV is being reduced by 0.15% to 2.64% with a £999 fee and to 2.99% with no fee, and the 5-year fixed rate at 60% LTV cut by 0.10% to 1.79% with no fee.

The society is also reducing selected rates for existing members moving home and further advances by up to 0.30%, including the 2-year fixed rate at 80% LTV being reduced by 0.05% to 1.99% with a £999 fee, and the 5-year fixed rate at 85% LTV cut by 0.30% to 2.99% with a no fee.

Henry Jordan, director of mortgages at Nationwide, said: “In the past year we have spent much more time at home, and it has allowed more people to really evaluate what they want from a property.

“Some will be looking for more outdoor space, others will want more space for a growing family or a home office.

“Whatever people are looking for in their new home, these latest reductions for house purchasers will help make the cost of moving home even more affordable.”