Nationwide will cut its fixed rate mortgage range, with the lowest rate now at 3.58%.

The lowest rate now stands at 3.58% and it is the first time that Nationwide has offered a fixed mortgage rate lower than 3.60% since September 2022.

First-time buyers reductions across two, three and five-year fixed rate products up to 95% LTV, include the two-year fixed rate at 95% loan-to-value (LTV) with no fee, which has been cut by 0.21% to 4.68%.

First-time buyers also receive £500 cashback when they complete their mortgage with Nationwide.

For existing and new customers moving home, cuts will be across two, three and five-year fixed rate products up to 95% LTV, including the two-year fixed rate at 60% LTV with a fee of £1,499, which has been lowered by 0.02% to 3.58%.

The two-year fixed rate at 75% LTV with a fee of £999 has also been trimmed by 0.12% to 3.67%.

First-time buyers and those moving home can also benefit from cashback of up to £500 if they purchase an energy-efficient property through Nationwide’s Green Reward.

It has also cut rates on its Switcher products. These include two-year fixed rate at 60% LTV with a £999 fee, which has gone down by 0.07% to 3.65%.

The five-year fixed rate at 60% LTV with a fee of £999 has also been reduced by 0.10% to 3.74% and the three-year fixed rate at 75% LTV with a fee of £999 has also been cut by 0.06% to 3.93%.

Remortgage rates have also been trimmed. The two-year fixed rate at 60% LTV with a fee of £1,495 has been cut by 0.07% to 3.65%, the five-year fixed rate at 60% LTV with a fee of £999 has been reduced by 0.10% to 3.79% and the three-year fixed rate at 85% LTV with no fee was lowered by 0.14% to 4.35%.

Nationwide head of mortgage products Carlo Pileggi says: “We’re making cuts across our fixed rate mortgage range with even more of our rates now below four per cent.”

“These latest changes, which follow hot on the heels of the wide-ranging rate cuts we made at the end of last week, demonstrate that Nationwide remains focused on offering competitive rates to first-time buyers, home movers and those looking for a new deal.”