Lenders, including Nationwide Building Society, are offering competitive interest rates attached to their mortgage products

Nationwide Building Society has announced another major overhaul to its line of mortgage products amid ongoing anxiety over interest rates.

The high street lender has slashed mortgage rates across its line of available deals in a major win for new and existing customers.

Effective tomorrow (June 26), the improved interest rates are being introduced to assist those remortgaging, moving home, or buying their first home.

As a result, mortgage rates are being slashed by up to 0,25 percentage points across two, three, five, and 10-year fixed-rate products.

In recent years, the Bank of England has opted to raise the base rate to as high as 5.25 per cent in an effort to bring down inflation, but this has since been reduced to 3.75 per cent.

While the central bank's Monetary Policy Committee (MPC) has voted to hold the cost of borrowing at this rate, concerns have been raised that rate hikes are on their way.

Henry Jordan, Nationwide Building Society's group director of Mortgages, said: “We’re delighted to be making another set of rate cuts this month.

"As an all-round lender, we’re committed to supporting all borrower types, and these latest reductions will help ensure Nationwide remains a strong choice for new and existing customers, whether they’re buying their first home, moving to their next, or looking for a new deal."

The new interest rates for first-time buyer mortgage products have seen reductions of up to 0.18 per cent across two, three, five, and ten-year fixed rate products up to 95 per cent (loan-to-value) LTV, including:

The new interest rates for switcher mortgage products have seen reductions of up to 0.14 per cent across two, three, five, and ten-year fixed rate products up to 90 per cent LTV, including:

The new interest rates for mortgage products geared towards existing and new customers have seen reductions of up to 0.15 per cent across two, three, five, and ten-year fixed rate products up to 95 per cent LTV, including: