Notable reductions for first-time buyers include the 90% loan-to-value (LTV) 2-year fix cut by 0.20% to 2.23%, with a £999 fee, and the 95% LTV 5-year fix cut by 0.20% to 3.39%, with a £999 fee.

For new customers moving home, the lender has cut the 90% LTV 2-year fix by 0.16% to 2.18%, and the 95% LTV 5-year fix by 0.20% to 3.39%, both deals include a £999 fee.

Looking to remortgages, the 85% LTV 5-year fix has been cut by 0.20% to 2.34% with a £999 fee, and the 85% LTV 2-year fix has been reduced by 0.15% to 2.29%.

Nationwide has also reduced rates by up to 0.34% on selected 2 and 5-year fixed rates between 60% and 80% LTV. Rates start from 1.20% for 2-year fixed mortgages and 1.30% for the 5-year fixed products.

Henry Jordan, director of mortgages at Nationwide, said: “Nationwide remains as committed as ever to helping people move into their first home or onto their next.

“We are making these rate cuts to ensure we continue to be one of the most competitive lenders around at a time when demand remains high.

“These latest changes further enhance the Society’s products aimed at those with smaller deposits, and alongside our £500 cashback and Helping Hand mortgage that supports borrowers in meeting affordability requirements, mean Nationwide continues to offer a compelling proposition for first-time buyers.”