Nationwide Building Society is reducing its mortgage rates by up to 0.30 per cent from Wednesday 10th February.

The mutual said it is cutting the cost of house purchase rates by up to 0.15 per cent, including:

• A two-year fixed rate at 75% of the property’s value reduced by 0.05% to 1.54% with a £999 fee.
• A two-year fixed rate at 85% of the property’s value reduced by 0.15% to 2.64% with a £999 fee and to 2.99% with no fee.
• A five-year fixed rate at 60% of the property’s value reduced by 0.10% to 1.79% with no fee.
• A five-year fixed rate at 85% of the property’s value reduced by 0.15% to 3.14% with no fee.

The lender is also chopping the cost of some mortgages for existing members moving home and taking a further advance by up to 0.30 per cent.

Henry Jordan, Nationwide’s director of mortgages, said: “In the last year we have spent much more time at home, and it has allowed more people to really evaluate what they want from a property. Some will be looking for more outdoor space, others will want more space for a growing family or a home office.

“Whatever people are looking for in their new home, these latest reductions for house purchasers will help make the cost of moving home even more affordable.”