Nationwide has made a series of rate cuts to its range, including the reduction of its 10-year fixed mortgage to 1.99 per cent.

The cuts to the long-term fixes have been made across the 60 per cent loan to value (LTV) tier for first-time buyer, home mover and remortgaging borrowers. These represent reductions of 0.35 per cent for home movers and first-time buyers and a cut of 0.15 per cent for remortgagors.

All products have a £999 fee.

The mutual’s two-year tracker mortgage at 60 per cent LTV for home movers and first-time buyers has also received a 0.25 per cent reduction to 1.39 per cent. This mortgage has a £999 fee.

Other deals have seen reductions, such as the two-year fixed rate at 75 per cent LTV for home movers and first-time buyers which now has a rate of 1.14 per cent from 1.19 per cent. This has a fee of £1,499.

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The five-year fixed equivalent for homemovers at 85 per cent LTV now has a rate of 2.49 per cent, previously 2.59 per cent. For first-time buyers, the corresponding option has been cut from 2.64 per cent to 2.54 per cent.

Two and five-year fixed remortgages with a £999 fee have also been reduced by up to 15 basis points.

Henry Jordan, Nationwide’s director of mortgages, said: “As one of the largest lenders in the UK we always keep our rates under review to ensure we can maintain our competitive position in the market.

“Whether someone is buying a new home or remortgaging their existing property we have a range of mortgages on offer to suit their needs.”