Nationwide has decreased rates by up to 0.17 per cent across selected two and three-year fixed rates with higher loan to values (LTV) to increase competitiveness.

The largest cuts were applied to its first-time buyer range, with its two-year fixed rate at 85 per cent of the property’s value going down by 0.17 per cent to 1.62 per cent. It comes with a £1,499 fee.

Its two-year fixed rate at 95 per cent of the property’s value, also with a £1,499 fee, has been reduced by 0.05 per cent to 2.94 per cent, whilst its three-year fixed rate at 90 per cent loan-to-value with a £999 fee has gone down by 0.1 per cent to 2.02 per cent.

For new customers moving home, the lender has cut rates by up to 0.11 per cent, including its two-year fixed rate at 85 per cent loan-to-value, which has decreased by 0.05 per cent to 1.57 per cent.

Its three-year fixed rate at 90 per cent of the property’s value has also fallen by 0.1 per cent to 1.94 per cent. Both come with a £1,499 fee.

Its two-year fixed rate at 95 per cent loan-to-value has decreased by 0.1 per cent to 1.94 per cent. It is subject to a £999 fee.

Nationwide is also cutting rates by up to 0.11 per cent for existing members moving home for two and three-year fixed rates products between 75 per cent and 95 per cent LTV.

In addition, rate cuts of 0.11 per cent are being applied to some further advance, family deposit mortgage and switcher rates.

Henry Jordan, Nationwide’s director of mortgages, said: “By improving the competitiveness of our two and three-year fixed rate products, we are aiming to support those mortgage customers with smaller deposits who are looking for payment security.”