The 10-year fixed rates have been cut by 0.55% and come with a £999 product fee, reduced to £499 for first-time buyer

Remortgage customers will also have access to a free standard valuation and the option to receive either free standard legal work or £250 cashback.

Nationwide’s 10-year fixed rate looks set to threaten Barclays’ deal launched earlier this month, which offered customers a 2.99% rate up to 60% LTV.

The new rate is part of a range of reductions introduced by Nationwide which has also seen five-year fixed rate deals cut by up to 0.40%, with rates starting from 2.44% for new customers.

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Nationwide has reduced a number of two and three-year fixed deals, with two-year fixed rates now starting at 1.74% for new mortgage customers and three-year and four-year fixed rate Flexclusive deals both starting at 2.24%.

Richard Napier, Nationwide’s director of mortgages and savings, said: “There has been a growing trend of customers opting for longer term fixed rates to ensure certainty of monthly mortgage payment, particularly ahead of any rise in interest rates, with the recently-introduced 10 year fixed rate mortgages proving a popular addition to the range.”

Nationwide also announced cuts to all of its 95% LTV Save to Buy fixed rates, with reductions of up to 0.35% and rates starting at 4.44% for prospective buyers with a 5% deposit.