Nationwide Building Society has announced it will reduce rates across its fixed and tracker mortgage range by up to 0.70 percentage points, effective from tomorrow (16 February).

For remortgages, rates will be lowered by up to 0.19% across two, three and five-year fixed and two-year tracker rate products up to 90% loan-to-value (LTV).

The rate cuts include: • Five-year fixed rate at 60% LTV with a £999 fee is now 3.99% (reduced by 0.19%) • Five-year fixed rate at 60% LTV with no fee is now 4.18% (reduced by 0.11%) • Two-year tracker rate at 60% LTV with a £999 fee is now 4.24% (reduced by 0.05%)

Nationwide is also lowering rates on selected switcher products by up to 0.41% with rates starting from 3.94%.

For first-time buyers (FTBs), rates are being cut by up to 0.70% across selected two-, three-, and five-year fixed and two-year tracker products up to 95% LTV.

The new rates include: • Five-year fixed rate at 95% LTV with a £999 fee is now 4.99% (reduced by 0.60%) • Five-year fixed rate at 95% LTV with no fee is now 5.09% (reduced by 0.70%) • Five-year fixed rate at 90% LTV with a £999 fee is now 4.59% (reduced by 0.15%) • Two-year fixed rate at 80% LTV with a £999 fee is now 4.84% (reduced by 0.15%)

The building society’s FTB mortgages also come with £500 cashback, while remortgagers can choose between £500 cashback or free standard legal fees.

For new customers moving home, the lender has made reductions of up to 0.55% across selected two-, three- and five-year fixed and two-year tracker rate products up to 95% LTV.

Changes on these products include: • Five-year fixed rate at 95% LTV with a £999 fee is now 4.99% (reduced by 0.45%) • Two-year fixed rate at 90% LTV with a £999 fee is now 5.09% (reduced by 0.10%) • Five-year fixed rate at 60% LTV with a £999 fee is now 4.14% (reduced by 0.18%) • Two-year tracker rate at 85% LTV with a £999 fee is now 4.44% (reduced by 0.20%)

For the society’s existing members moving home, Nationwide is also reducing rates by up to 0.55% on two-, three- and five-year fixed and two-year tracker rate products up to 95% LTV.

Shared equity rates of up to 80% LTV are also being reduced by up to 0.20%.

Nationwide is also reducing selected two, three and five-year fixed and two-year tracker rates on its additional borrowing range by up to 0.41% for those who want to borrow more.

Meanwhile, the rate on green additional borrowing is also being lowered by 0.24% with a new rate of 3.94%.

Nationwide Building Society director of home Henry Jordan says: “These latest changes mean we will have reduced rates for the fourth time this year and now have a sub-four per cent rate for those looking to remortgage and a sub-five per cent rate for FTBs. In a continually moving market, we always aim to remain competitive across the board for FTBs, home movers and those looking to remortgage.”

“We have also reduced rates on our switcher range to support those coming to the end of their existing deal. With switcher rates now starting at 3.94%, these latest reductions ensure we maintain our existing mortgage member pricing pledge, meaning our switcher products will be the same or lower than our equivalent remortgage rates.”