Nationwide has announced this morning that it has reduced selected fixed rates by up to 0.20%. According to the lender, five-year fixed rate deals now start at less than 2% for the first time.

The five-year fixed rate range will now start at 1.99% with a £999 fee and 2.19% with no fee.

The Society is also cutting rates across its 3 and 10 year fixed rate products, with the 3 year fixed rate products starting at 1.69% with a £999 fee and 1.99% with no fee.

The Society's 10-year fixed rate products are now at their lowest ever rate - from 2.69% with a £999 fee and 2.79% with no fee for the 60% LTV deal.

In addition, new 95% Loan to Value products will be added to the tracker range, with introductory rates of 3.59% with a £999 fee and 3.99% with no fee respectively and with no ERCs.

The new deals are complemented by the Society’s range of additional benefits for both first time buyers and home movers. All standard mortgage valuations are now fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Nationwide Flex main current account holders who are taking out a Nationwide mortgage are also eligible for an additional £250 cashback.

Existing Nationwide mortgage customers receive a £250 cashback when they take a new mortgage deal, in addition to continuing to benefit from a 0.10% discount on new customer rates.

Henry Jordan, Nationwide’s Head of Mortgages, said: “In addition to our recent reductions to fixed rate mortgage deals, we are making further cuts to fixed rate products for those looking for competitive rates and payment security. For those with small deposits looking for flexibility, including first time buyers, we are also introducing a new tracker mortgage product at 95% LTV at less than 4%. The Society continues to offer tracker rates that are amongst the most competitive available, with additional features such as a £500 cashback for first time buyers, free standard valuations and no ERCs.

With the combination of competitive rates and access to additional benefits for both new and existing customers, Nationwide will continue to offer deals that are amongst the best on the high street.