Nationwide has announced it is reducing rates on its tracker mortgages by up to 0.30 percentage points.

The changes have come into effect today and have been made across the society’s two, three and five-year products.

Nationwide revealed that its new rates include reductions of between 0.05% and 0.26% on selected fixed and tracker products up to 90%. These include a five-year fixed rate at 60% LTV reduced by 0.26% to 4.93%, a five-year fixed rate at 75% LTV reduced by 0.26% to 4.98%, a two-year fixed rate at 85% LTV reduced by 0.15% to 5.59%, as well as a two-tear tracker rate at 80% LTV reduced by 0.15% to 3.94%. Each of these comes with a £999 fee.

The society also announced that new customers moving home will see reductions of between 0.05% and 0.25% on selected fixed and tracker products up to 95%, while first-time buyers will see reductions of between 0.05% and 0.30% on selected fixed and tracker products up to 95%.

For the society’s existing members moving home, Nationwide is reducing rates by up to 0.25%, while shared equity rates are being reduced by 0.20%.

Nationwide’s first-time buyer mortgages also come with £500 cashback, while those looking to remortgage to the Society can choose between £500 cashback or free standard legal fees. 

Director of mortgages at Nationwide, Henry Jordan, commented: “Continued market stability and the downward trend in swap rates have meant we’ve been able to make further rate reductions on a large number of products across our mortgage range.

“These changes now mean the society has selected remortgage and house purchase products with rates below 5% as we continue to support all types of borrowers, whether moving home or looking for a new deal.”

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