Nationwide Building Society is reducing rates on its fixed mortgage products by up to 0.40 percentage points. The new rates will be effective from 23 August.

For new customers moving home: reductions of up to 0.40% are available across selected two, three and five-year fixed products up to 95% LTV, including:

Five-year fixed rate at 60% LTV with no fee is now 5.39% (reduced by 0.40%)

Three-year fixed rate at 75% LTV with a £999 fee is now 5.89% (reduced by 0.10%)

Two-year fixed rate at 60% LTV with a £999 fee is now 5.94% (reduced by 0.20%)

For first-time buyers: reductions of up to 0.35% are available across selected two, three and five-year fixed products up to 95% LTV, including:

Five-year fixed rate at 60% LTV with no fee is now 5.44% (reduced by 0.35%)

Two-year fixed rate at 75% LTV with a £999 fee is now 6.04% (reduced by 0.25%)

Three-year fixed rate at 60% LTV with a £999 fee is now 5.94% (reduced by 0.19%)

For remortgage deals: reductions of up to 0.15% are offered across selected two, three and five-year fixed products up to 90% LTV, including:

Five-year fixed rate at 60% LTV with a £999 fee is now 5.49% (reduced by 0.15%)

Two-year fixed rate at 75% LTV with no fee is now 6.39% (reduced by 0.15%)

Three-year fixed rate at 90% LTV with no fee is now 6.30% (reduced by 0.04%)

Nationwide is also reducing selected two, three and five-year fixed rates for existing customers moving home by up to 0.40%. While switcher and additional borrowing rates will reduce by up to 0.10%.

Nationwide Building Society  director of home  Henry Jordan comments: “As economic conditions continue to stabilise, we are able to make further cuts to our mortgage rates, building on the reductions we have made in recent weeks.”