Nationwide Building Society has chopped the rate on its two-year fix, which comes with no product or valuation fees.

The mutual has snipped the rate to 1.64% on the deal, fixed for two years.

It is available up to 75% of the property’s value, comes with £500 cashback for first-time buyers and remortgagors, as well as a free valuation and no product fee for all borrowers.

Financial information provider Moneyfacts said the deal from Nationwide ‘is likely to turn the heads of borrowers searching for a competitive rate from a familiar brand. Those looking to save on upfront costs will be impressed with the deal’s incentive package and lack of product fee’.