Nationwide has cut its mortgage rates on both fixed rate mortgages and two-year tracker rates, by up to 0.25%.

Those who want long-term payment security can now fix their mortgage rate for 10 years at under 3%. The 2.99% deal comes with a £999 fee and is available up to 70% of the property’s value.

Medium-term security comes in the form of a 2.19% five-year fix, up to 60% of the property’s value with a £999 fee.

Low deposit, no problem

Borrowers with smaller deposits also see reductions, with rates on the two-year and three-year fixed rate products at 95% LTV having been cut too. The two-year fix starts at 3.89% and the three-year at 4.39%, both with a £999 fee.

All mortgage valuations are now fee-free, plus first-time buyers are able to access a £500 cashback to help with the cost of moving.

Henry Jordan, Nationwide’s head of mortgages, said: “We are reducing rates for those looking for longer-term payment security, with one of the most competitive rates on the market for those customers opting for the 10 year fixed rate product and a host of additional benefits.”

There are also reductions for customers choosing a tracker product, with two-year tracker rates reduced by 0.5 percentage points, starting at 1.44%, up to 70% of the property’s value with a £999 fee.