The news comes hot on the heels of last week’s announcement that the building society would be making similar reductions on five-year fixed rate mortgages.

It is part of the company’s rate mortgages initiative, which compares the Society’s mortgage rates for existing customers to those of its top six high street competitors, reducing switcher rates by 0.10%.

The changes for the selected three year fixed rates include a 90% LTV three-year fixed rate with a £999 fee reduced by 0.10% to 3.94% and a 90% LTV three-year fixed rate with no fee reduced by 0.10% to 4.24%.

The Loyalty Rate Mortgages initiative is only available to Nationwide’s existing mortgage customers who are looking to switch deals.