The i - Nationwide has cut mortgage prices, with its lowest rate now at 4.19 per cent

Nationwide has cut mortgage prices, with its lowest rate now at 4.19 per cent, as it competes for more customers.

The deal – a two-year fix for those moving home with a 40 per cent deposit – is the lowest fixed mortgage rate seen since March. Customers will also have to pay a fee of £1,499.

The building society has cut multiple other deals too by up to 0.25 percentage points, following other lenders that have reduced prices in the past two weeks, including Barclays.

Aaron Strutt, a broker at Trinity Financial, warned that a new prime minister could push up mortgage rates. “There is always a risk that a new prime minister or change of political direction pushes up mortgage costs, and if the market start to get worried about Andy Burnham then fixes could get more expensive again.”

“The best trackers are starting from 3.96 per cent but they seems to be getting closer every few days with all of these rate cuts,” said Strutt.

“The best two, three and five-year fixes are all priced around 4.3 per cent, which offers good value for money, but hopefully, we will get back to the magical sub-4 per cent fixes soon if things continue as they are at the moment,” he added.

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