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The lender said in some cases this would be by up to 0.46 per cent on its two-, three- and five-year fixed rate and two-year lifetime tracker mortgages.

However, Nationwide also said the changes to its range, which come into effect on Friday (18 July), would include a small increase to rates on its two- and three-year tracker mortgages for borrowers with deposits of less than 10 per cent.

Matthew Carter, divisional director for mortgages at Nationwide, said: "As a building society we always aim to offer our members the best possible deals.

"For the second time this month, we are in a position to reduce the rates on mortgages, offering some of the most competitive rates in the market.

"As part of our commitment to rewarding customer loyalty we now have a Lifetime tracker mortgage offering a good deal for customers who are switching their Nationwide mortgage.

"In addition to fees starting from £299 for first time buyers and the option to switch and fix on any tracker mortgage, customers can have confidence taking a mortgage with Nationwide whether they are buying, re-mortgaging or coming to the end of their existing deals".