Nationwide has reduced the rates on two- and five-year fixed rates across its home purchase, first-time buyer, and shared equity ranges.

For house purchases, the 75 per cent LTV five-year fix with zero product fee as been reduced by 5 basis points to 1.94 per cent.

In the lender’s FTB line-up, both the 75 per cent LTV two- and five-year fixes have received a 10 basis point cut to 1.94 per cent. Each charge zero product fee.

And in shared equity, the 75 per cent LTV two-year fix with £999 fee has seen a 30 basis point cut to 1.49 per cent and the 80 per cent LTV five-year fix with £999 fee a 35 basis point cut to 2.49 per cent.

Additionally, the 80 per cent five-year fix with zero product fee has had its rate cut by 35 basis points to 2.69 per cent.

Elsewhere in the shared ownership suite rate cuts of up to 25 basis points occur.

Nationwide director of mortgages Henry Jordan says: “. 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.”