It has also withdrawn its base mortgage rate for all new introduced business.
The lender says that the maximum loan size on all new business is now £500,000.
The maximum loan size for 90 per cent LTV is £450,000.
Tracker rates will decrease by 25 bps as a result of the Bank of England base rate reduction.
Nationwide says: “Despite adjusting our rates throughout the first part of the year, we are still continuing to see high demand for our products. As a mutual it is important we offer our members good deals whilst managing the demand for our products and maintaining a high level of service. As a prudent organisation it is also important to ensure that we continue to manage business volumes through our distribution channels.”
The changes will come into effect from 1st May.