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With effect from Wednesday 9 July, Nationwide will lower the rates on its two year fixed rate and two year tracker mortgages. At the same time, it is launching a two year tracker, available from 5.78 per cent with a £1,499 fee.

The new rates include its two year fixed rate mortgage for new purchase which is available from 6.48 per cent with a with £599 fee. With no fee, the rate is 6.88 per cent.

Meanwhile, the rate on society's existing Two year tracker product for new buys will by 5.98 per cent from next Wednesday.

For those remortgaging, the society's two year fixed rate product will be offered from 6.58 per cent with a with £599 fee. This rate increases to 6.98 per cent with no applicable fees.

Matthew Carter, divisional director for mortgages at Nationwide, said: "These price changes reinforce our message that, despite tougher market conditions, we remain very much open for business.

He added: "As with all of our tracker deals, our latest offer comes with the free facility to switch-and-fix onto any appropriate Nationwide fixed rate at any time during the life of the deal, without incurring an early repayment charge."