Nationwide has announced it is reducing rates by 0.15% on its two-year fixed and tracker rate mortgage products at 85% LTV.

The society said the changes will be effective from Tuesday 8 December, with new rates applying to first-time buyers, house purchase, remortgage and existing customers moving home.

As previously announced by the society, Nationwide is expanding its lending at 90% LTV from tomorrow to include loans for house purchase and for existing mortgage members looking to move home, giving them the same access to 90% LTV home loans as first-time buyers.

The society indicated it will also remove the temporary criteria applied to fully gifted deposits and will again allow fully gifted deposits at 90% LTV.

“Despite the pandemic, activity in the housing market remains high as people seek to take advantage of the stamp duty holiday,” said Nationwide director of mortgages, Henry Jordan. “Two-year fixed and tracker rates remain some of our most popular products and these latest changes will help us remain one of the most competitive providers on the market.

“Since we re-entered the 90% LTV market in July, we have been the only major lender to offer such mortgages without volume restrictions and as a further show of support for the housing market we are now able to expand our lending at this LTV to help house purchasers and existing customers moving home as well as first-time buyers.”

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