Nationwide has launched a new mortgage for purchase, first-time buyers, and Nationwide borrowers who wish to move home.

It is available at up to 60 per cent LTV and a rate of 1.14 per cent. It charges a £1,499 fee.

As well as this, the lender has made a series of cuts of up to 20 basis points.

Highlight rate cuts include the house purchase 60 per cent LTV two-year fix being cut by 20 basis points to 1.54 per cent and the 85 per cent LTV five-year fix being reduced by 15 basis points to 1.69 per cent. This product commands a £999 fee.

The FTB 60 per cent LTV two-year fix has had 10 basis points chopped off to land at 1.64 per cent, as has the 85 per cent LTV five-year fix, which now has a rate of 2.84 per cent. The latter product charges a £999 fee.

Meanwhile, the 75 per cent LTV shared equity five-year fix has had 5 basis points removed, giving it a rate of 2.24 per cent, various remortgage products feature cuts of 5 basis points and select house purchase products for existing borrowers have seen cuts of up to 15 basis points.

Nationwide director of mortgages Henry Jordan says: “As the country’s second largest mortgage lender, it’s important we demonstrate to all types of borrower that Nationwide continues to offer a wide range of mortgages with some of the most competitive rates on the market.

“That is why we’re making these latest reductions across a variety of LTVs as well as extending our £1,499 fee product to now make it available to first-time buyers and house purchase.”