From Tuesday, May 12, Nationwide will reduce rates by up to 0.36 percentage points to support first-time buyers, home movers, and people who are remortgaging.
The reductions will apply to two, three, and five-year fixed mortgage products.
Carlo Pileggi, head of mortgage products, said: “We’re pleased to be cutting our mortgage rates once again, with the biggest reductions this time aimed at first-time buyers.
“Some of our biggest rate cuts are being made on our higher loan-to-value mortgages, which will help those with smaller deposits to take their first step on to the property ladder.
“However, Nationwide remains an all-round lender and these rate cuts reflect our broader aim of supporting customers at every stage of homeownership.”
For first-time buyers, Nationwide is cutting rates by up to 0.36 percentage points.
This includes a five-year fixed rate at 90 per cent loan-to-value (LTV) with a £999 fee, which is now at 4.89 per cent, and a five-year fixed rate at 85 per cent LTV with a £999 fee falling to 4.79 per cent.
A two-year fixed rate at 60 per cent LTV with a £1,499 fee has decreased to 4.48 per cent, while a two-year fixed rate at 85 per cent LTV with a £999 fee has been reduced to 4.69 per cent.
First-time buyers also receive £500 cashback on completion, with the additional option of up to £500 cashback through the Green Reward scheme for purchasing an energy-efficient home.
For new and existing customers moving home, rates will be cut by up to 0.24 percentage points.
These include a two-year fixed rate at 60 per cent LTV with a £1,499 fee, now at 4.35 per cent, and a five-year fixed rate at 75 per cent LTV, with a £999 fee, reduced to 4.59 per cent.
There is also a two-year fixed rate at 90 per cent LTV with a £999 fee at 4.89 per cent and a five-year fixed rate at 60 per cent with a £999 fee at 4.49 per cent.
For remortgage customers, reductions of up to 0.24 percentage points will apply.
A two-year fixed rate at 75 per cent LTV with a £999 fee will fall to 4.76 per cent, while a five-year fixed rate at 85 per cent LTV with a £999 fee will drop to 4.94 per cent, and a two-year fixed rate at 60 per cent LTV with a £1,466 fee is now at 4.63 per cent.
