The cuts will apply to two, three, and five-year fixed mortgage products

A major lender has announced that it is cutting its fixed mortgage rates.

From Tuesday, Nationwide will lower rates by up to 0.36 percentage points to support first-time buyers, home movers, and people who are remortgaging.

The cuts 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, he said.

However, Nationwide remains an all-round lender and these rate cuts reflect our broader aim of supporting customers at every stage of homeownership, he said.

For first-time buyers, Nationwide is lowering 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 dropping to 4.79 per cent.

A two-year fixed rate at 60 per cent LTV with a £1,499 fee has reduced to 4.48 per cent, while a two-year fixed rate at 85 per cent LTV with a £999 fee has been decreased to 4.69 per cent.

For new and existing customers moving home, rates will be reduced 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.

For remortgage customers, cuts of up to 0.24 percentage points will apply.

A two-year fixed rate at 75 per cent LTV with a £999 fee will drop to 4.76 per cent, while a five-year fixed rate at 85 per cent LTV with a £999 fee will decrease 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.