Nationwide and HSBC have cut fixed-rate mortgage pricing, with reductions applying to loans of up to 95% loan-to-value (LTV) for both new and existing customers moving home.

Nationwide said it has reduced rates by up to 20 basis points across selected products for new and existing borrowers.

For home movers, revised Nationwide pricing includes a two-year fix at 60% LTV with a £1,499 fee at 3.50%, down 8bps, and a three-year fix at 60% LTV with a £999 fee at 3.62%, reduced by 13bps. A three-year fix at 90% LTV with no fee has been cut by up to 20bps to 4.43%, while a two-year fix at 85% LTV with no fee is now priced at 3.90%, down 11bps.

Nationwide has also reduced rates across its first-time buyer range, with cuts of up to 17bps on fixed-rate products up to 95% LTV. Examples include a two-year fix at 85% LTV with a £999 fee at 3.75%, a two-year fix at 60% LTV with a £1,499 fee at 3.67%, and a five-year fix at 90% LTV with a £999 fee at 4.22%.

The lender confirmed that first-time buyers continue to receive £500 cashback on completion, with additional cashback of up to £500 available for eligible borrowers purchasing energy-efficient properties under its Green Reward scheme.

Meanwhile, HSBC has announced a repricing across its residential mortgage range, cutting rates for first-time buyers, home movers and existing customers approaching the end of a fixed term.

For existing residential borrowers switching products, the bank has reduced rates on its two-year fixed Fee Saver mortgage at 95% loan-to-value (LTV), aimed at customers refinancing at higher LTVs.

First-time buyers will see reductions on two-year fixed Fee Saver products at 90% and 95% LTV, alongside cuts to two- and five-year fixed Standard products at 90% LTV. HSBC has also lowered pricing on five-year fixed Fee Saver mortgages at 90% LTV, as well as on two- and five-year fixed Premier Exclusive products at the same LTV.

The bank’s Energy Efficient Home range, available on properties with an energy performance certificate (EPC) rating of A or B, has also been repriced, with reductions applied to two- and five-year fixed options at 90% and 95% LTV.

Home movers are included in the changes, with rate cuts applied to two-year fixed Fee Saver products across 60%, 80%, 85%, 90% and 95% LTV bands.

HSBC has also reduced rates on two-year fixed Standard products between 60% and 90% LTV, alongside cuts to two-year fixed High Value mortgages at 60% LTV and Premier Exclusive products at 60%, 80%, 85% and 90% LTV. Energy Efficient Home products for home movers have been repriced down across similar LTV ranges.

Nicholas Mendes, mortgage technical manager at John Charcol, said: “Nationwide’s latest cuts feel like a real line-in-the-sand moment, and a benchmark other lender will be watching closely.

“A 3.50% two-year fixed for home movers at 60% LTV is a strong headline rate and one that will turn heads. It is also encouraging to see another major lender following the sharper pricing we saw earlier in the week from Lloyds for Club Lloyds current account holders.

“Competition is clearly building pace. HSBC has also been trimming pricing across parts of its home mover and first-time buyer ranges, including at higher LTVs, which reinforces that competition is still doing a lot of the heavy lifting here.”