Nationwide has announced it is reducing rates on several of its mortgage products by up to 0.25%.

The building society revealed that selected two, three, five and ten-year fixed rate switcher mortgage products, as well as its two-year tracker mortgages, have seen reductions. The cuts to Nationwide’s existing member switcher range are across fixed rate products that range between 60% and 90% LTV.

Nationwide will also be reducing rates for 60% LTV products on its remortgage range with a £1,499 fee as well as its later life mortgage products – including Retirement Interest Only and Retirement Capital and Interest – by up to 0.40%.

Nationwide director of mortgages, Henry Jordan, commented: “While the housing market slowly begins to open up again, the mortgage market continues to remain as competitive as ever.

“Although many borrowers continue to like the security of fixing their mortgage repayments, we know there are some who want to take advantage of these historic low interest rates by going for a tracker mortgage.

“These reductions demonstrate our commitment to offering competitive rates on both fixed and trackers across a range of LTVs, ensuring we support borrowers no matter how much deposit they have.”

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