The deal is available up to 60% loan to value (LTV) and has a £900 booking fee.

Existing Nationwide borrowers can take up an even lower rate of 2.24%, and first-time buyers are charged a smaller fee of £400.

For those with slightly smaller deposits, a 2.74% two-year fixed is available up to 75% LTV, offered to existing borrowers at 2.64%. Again the fee charged is £400 for first-timers and £900 for other borrowers.

The society has also introduced tracker deals at the same rates and LTVs with the same fees.

Nationwide head of mortgage pricing Tom Riley said:

“Nationwide continues to demonstrate that it is open for business by announcing its lowest ever fixed mortgage rates.

“These latest cuts ensure our popular range of two-year fixed and tracker rate mortgages remain very competitive.

“The society continues to make significant improvements for customers at all LTVs, not just for those with the largest deposits.”