The lender is slashing interest rates attached to mortgage products from this week

One of the UK's biggest building societies is preparing to slash mortgage rates following a recent decision from the Bank of England.

Nationwide Building Society has confirmed plans to cut interest rates attached to multiple mortgage deals, which are due to come into effect from August 4 (tomorrow).

With this latest move from the lender, the building society's cheapest deal will now sit at 4.52 per cent.

The cuts span two, three and five-year fixed rate products and apply to first-time buyers, those moving home and remortgage customers, covering loan-to-value ratios of up to 95 per cent.

A recent decline in swap rates prompted the lender to act. After a spell in which swaps had been climbing, the reversal has opened the door for Nationwide to pass on savings to both new and existing borrowers.

The Bank of England Monetary Policy Committee's (MPC) has opted to keep the UK's cost of borrowing at 3.75 per cent for the fifth consecutive meeting in a row.

Inflationary concerns have led to a more cautious approach from the central bank, with analysts warning that future rate hikes could be on their way.

If introduced, this would mean that those shopping for a new mortgage deal or looking to remortgage will be hit with extra costs.

Carlo Pileggi, Nationwide's Head of Mortgage Products, said: "After a period of increasing swap rates, recent falls have created an opportunity for us to reduce mortgage rates, and we're moving swiftly to ensure new and existing customers can benefit.

"These rate cuts will benefit a wide range of customers, first-time buyers, new and existing customers moving home as well as those remortgaging to Nationwide."

According to Mr Pileggi, the changes also uphold the lender's commitment to ensuring that existing customers switching to a new deal receive rates matching or undercutting the equivalent remortgage products available to those joining from other providers.

Here is a full list of upcoming changes to mortgage rates from Nationwide Building Society:

First-time buyers: reductions of up to 0.19 per cent across two, three and five-year fixed rate products up to 95 per cent LTV, including:

Existing and new customers moving home: reductions of up to 0.19 per cent across two, three and five-year fixed rate products up to 95 per cent LTV, including:

Remortgage: reductions of up to 0.13 per cent across two, three and five-year fixed rate products up to 95 per cent LTV, including: