Nationwide has made further rate cuts on mortgages for new and existing borrowers by up to 0.2 per cent.

For first-time buyers, rates have been reduced by up to 0.15 per cent on two, three and five-year fixed rates up to 90 per cent loan to value (LTV).

Two-year trackers for first-time buyers up to 85 per cent LTV have also been lowered in price.

This includes a five-year fix at 60 per cent LTV with a £999 fee which has been cut by 0.05 per cent to 4.39 per cent, and a fee-free five-year fix which has been reduced by 0.15 per cent to 4.69 per cent.

A two-year fix with a £999 fee at 60 per cent LTV has gone down to 4.79 per cent, previously 4.89 per cent. Meanwhile, a two-year fix at 86 per cent with a £999 fee has been lowered from 5.09 per cent to 5.04 per cent.

A two-year tracker at 60 per cent LTV with a £999 fee has been cut by 0.1 per cent to 3.94 per cent.

Remortgage products have been lowered in price by up to 0.2 per cent.

This includes a five-year fix at 90 per cent LTV, which has gone down from 4.89 per cent to 4.79 per cent and a five-year fix at 60 per cent LTV which is now 4.34 per cent following a 0.09 per cent reduction. Both deals come with a £999 fee.

A three-year fix at 80 per cent LTV and a two-year tracker at 60 per cent LTV are now priced at 4.94 per cent and 3.84 per cent respectively, following rate reductions of 0.05 per cent and 0.2 per cent. Both are subject to a £999 fee.

For new and existing borrowers moving home, rates have been reduced by up to 0.2 per cent.

Shared equity rates have gone down by up to 0.2 per cent and switcher products have been lowered by around the same amount.

For borrowers seeking further advances, rates have been reduced by up to 0.2 per cent while green additional borrowing products have been cut by 0.05 per cent.

Henry Jordan, director of mortgages at Nationwide Building Society, said: “These latest rate reductions showcase to borrowers that we want to continue offering some of the most competitive mortgage products on the market, as we look to support as many people as possible whether they are buying a new home or remortgaging their existing home.”