The mortgage lender is slashing interest rates across some of its most popular products

Nationwide Building Society has unveiled another overhaul to its line of mortgage products amid ongoing concern over the trajectory of interest rates.

The lender implemented reductions across its mortgage portfolio on Tuesday, offering borrowers lower rates on both fixed and tracker deals.

Selected two-year tracker mortgages also saw decreases of up to 0.12 percentage points.

These changes benefit a broad range of customers, including those purchasing their first property, existing homeowners looking to move, and borrowers seeking to remortgage or switch their current deal.

Those stepping onto the property ladder for the first time can claim £500 cashback upon completing their mortgage with the building society.

An additional incentive exists through Nationwide's Green Reward scheme, which provides up to £500 cashback for first-time buyers and home movers who purchase energy-efficient homes.

Carlo Pileggi, Nationwide's head of Mortgage Products, said: "Another set of rate cuts across our mortgage range is further proof that Nationwide is an all-round lender committed to supporting all types of borrowers.

"The changes we're making tomorrow will ensure we remain competitive and continue to be front of mind for brokers and customers alike in a fast-moving mortgage market."

Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: "Lenders have been making healthy cuts to fixed mortgage rates over recent weeks due to swap rate falls.

"Today, the average two- and five-year fixed rates have inverted back, where the two-year is now lower than the five-year rate. These rates had been inverted for the past three months, showing the significance of short-term rate volatility."

She added: "Borrowers will no doubt be delighted to see more lenders reduce rates this week, including some of the biggest lenders in the country.

"However, this positive trajectory could be thrown off course, as renewed tensions in the Middle East have already appeared to push swap rates up, which could slow the pace of fixed rate mortgage cuts over the coming weeks."

Here is a full list of the new Nationwide Building Society mortgage interest rate changes: