All of Nationwide’s two-year fixed rates available up to 60% loan-to-value (LTV) will be reduced by 0.10% and those up to 70% LTV by 0.15% for new applications.

The lender is also cutting all 80% LTV mortgage rates by up to 0.3% and all 75% LTV mortgage rates by up to 0.15%.

All two-year and three-year fixed rate 85% LTV and 90% LTV products will see a rate reduction of 0.05%.

The new mortgage range includes a 1.94% two-year fixed rate up to 60% LTV with £900 product fee (1.84% for existing Nationwide mortgage customers). First-time buyers pay a reduced product fee of £400 on this deal, while remortgagors get a free standard valuation and the choice of either free standard legal fees or £250 cashback.

It also offers a new 1.99% two-year fixed rate up to 70% LTV with £900 product fee (1.89% for existing Nationwide mortgage customers) with the same fees and conditions.

Tracie Pearce, head of group mortgages at Nationwide, said:

“These reductions clearly demonstrate our commitment to supporting our customers, both new and existing and whatever the size of their deposit, offering consumer choice.

“We are making available to our customers a range of extremely competitive fixed and tracker rates at different LTVs. In particular, the reduction of two-year fixed rates available up to 60% LTV by 0.10% and 70% LTV by 0.15% means we are offering rates to both new and existing customers below 2 per cent.”