Nationwide has made cuts to a host of its mortgages, including within its residential, remortgages, and switcher offerings.

Standout changes in the first-time buyers and house purchases category comprise the 75 per cent LTV two-year fix being cut from 1.99 per cent to 1.59 per cent, the 75 per cent LTV two-year tracker receiving the same 40 basis point reduction to bring its rate to 1.69 per cent, and the 85 per cent LTV five-year fix being lowered from 3.24 per cent to 2.94 per cent.

All of the above charge a £999 product fee.

For first-time buyers and house purchase under the shared equity scheme, highlights are the 60 per cent LTV two-year tracker with zero fee being reduced from 2.09 per cent to 1.84 per cent and the 75 per cent LTV two-year tracker with £999 fee going from 2.09 per cent to 1.69 per cent.

In the lender’s remortgage category, some of the biggest cuts include the 85 per cent LTV five-year fix with £999 product fee going from 3.24 per cent to 2.79 per cent and the zero-fee version moving from 3.44 per cent to 2.99 per cent.

Meanwhile, existing borrowers are those looking for additional borrowing may be interested in seeing the 85 per cent LTV five-year fix with £999 fee being cut from 3.24 per cent to 2.79 per cent.

In Nationwide’s existing borrowers shared equity house purchase product line, the 75 per cent LTV two-year tracker with £999 fee has seen its rate slashed from 2.09 per cent to 1.69 per cent and, in its switchers category, the 60 per cent LTV five-year fix with zero fee has been reduced from 1.69 per cent to 1.49 per cent.

The changes will take place from Wednesday 13 January.

Nationwide director of mortgages Henry Jordan says: “These latest rate reductions showcase to borrowers that we want to continue offering some of the most competitive mortgage products on the market, as we look to support as many people as possible buying a new home or remortgaging their existing home.

“For those looking at their current property, we’ve also made a number of rate reductions on our Green Additional Borrowing and Later Life deals.”