This warning has been issued to anyone with New Business, Switcher, Additional Borrowing and Existing Customers Moving Home accounts.
Nationwide has announced that it will be reducing its selected fixed and tracker products by up to 0.15 per cent today.
Lewis Shaw, owner and mortgage expert at Shaw Financial Services, said: "This is another step in the right direction as mortgage rates continue to fall, although we must be mindful that this could be a short-lived reprieve if the Bank of England continues to increase the base rate next month. "This shows that reduced housing and mortgage market demand is now starting to bite, and banks are looking for any way to keep the wheels turning as the growing clouds above the economy are slamming the brakes on borrowing."
Top Money Stories Today Ashley Thomas, director at Magni Finance, added: "There seem to be a lot of lenders reducing their rates at present. I expect this trend to continue and most will be hoping it is the start of a price war. The next set of inflation data will be a big factor in whether rates will continue to go down."
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