The Society has introduced enhanced affordability to support remortgage borrowers.

This is despite house prices continuing to pick up over the summer months.

The lender's lowest rate now stands at 3.74%.

The move is expected to support an additional 10,000 first-time buyers each year.

Rates across Nationwide's residential range start from 3.84%.

Nationwide Building Society is set to reduce interest rates by up to 0.20% across selected two, three, and five-year fixed-rate mortgage products.

Terraced properties saw the highest price growth by type, rising 3.6% over the year.

Nationwide is increasing the maximum loan-to-value (LTV) for new build houses to 95% from 26 June, offering a major boost to homebuyers and the housebuilding sector.

Brokers using OMS can now submit decisions in principle (DIPs) for all Nationwide’s mortgage applicants.

The lender has reduced rates for both new and existing customers by up to 0.12%.