Nationwide will reduce rates across its fixed mortgage range, making its lowest rate at 4.29%.

The cuts support first-time buyers, home movers and people remortgaging, effective tomorrow.

These latest changes will see rates reduced by up to 0.28 percentage points across two, three, five and 10-year fixed rate products.

First-time buyers rates will be lowered by up to 0.20% across two, three and five-year fixed rate products up to 95% LTV. These include the five-year fixed rate at 90% LTV with no fee, which will be cut by 0.20% to 4.89% and the five-year fixed rate at 85% LTV with a £999 fee, which will go down by 0.12% to 4.67%.

First-time buyers will also receive £500 cashback when they complete their mortgage. First-time buyers and those moving home can also benefit from cashback of up to £500 if they purchase an energy-efficient property through the lender’s green reward scheme.

In addition remortgage rates will be reduced by up to 0.28% across two, three, five and 10-year fixed rate products up to 90% LTV. The rate cuts see the two-year fixed rate at 60% LTV with no fee, down by 0.28% to 4.83%, the two-year fixed rate at 85% LTV with a £999 fee, lowered by 0.15% to 4.89% and the five-year fixed rate at 60% LTV with a £999 fee, cut by 0.10% to 4.64%.

These follow on from the cuts that Nationwide made last week to its switcher mortgage range for existing customers who are coming to the end of their current mortgage deal.

The latest changes continue Nationwide’s existing mortgage customer pricing pledge, meaning that all switcher product rates will be the same as or lower than the remortgage equivalents.

Existing and new customers moving home product rates will be trimmed by as much as 0.17% across two, three, five and 10-year fixed rate products up to 95% LTV.

These cuts include the two-year fixed rate at 90% LTV with no fee, which is now 0.17% lower at 4.99% and the five-year fixed rate at 90% LTV with a £999 fee, which has been reduced by 0.10% to 4.74%.

Nationwide head of mortgage products Carlo Pileggi says: “We’re delighted to be cutting rates again as we look to put Nationwide at the forefront of borrowers’ minds. These changes will support first-time buyers and home movers, as well as provide competitive options for those looking to remortgage.”

Also commenting, Trinity Financial product and communications director Aaron Strutt says Nationwide has made an “unusual move by undercutting itself with these latest rate changes as the building society is already topping many of the best buy tables”.

“I think this shows how keen the lender is to attract more customers and issue more mortgages at a time where many banks and building societies would prefer the property market to be a bit busier.”

“The lender will have the cheapest two-year home mover fixed rates on the market at 4.29% and the lowest five-year fix at 4.34% both for mortgages between £300,000 and £5 million. These rates have £1,499 arrangement fees and applicants need to have a 40% deposit to qualify.”

“Nationwide was already offering many of the most competitively priced fixes and it is clearly looking to cement its place at the top of the best buy tables to make sure it is one of the first lenders borrowers look at when they want a cheap mortgage. It is good to see the price cuts still coming through.”