The Society said it would also launch a new tracker mortgage range including two and three year mortgage deals.
In addition to this, Nationwide is making some changes to its further advance mortgage range, including a new low-fee product suitable for smaller advances.
Andy McQueen, mortgage director at Nationwide, said: "We are increasing our mortgage product range with the re-launch of a two-year tracker and a new three-year tracker for those customers who are looking for a longer term tracker deal.
"We are also cutting the price of our fixed-rate mortgage deals. Our two-year fixed rate is available from 3.98%.
"In response to customer demand, for those borrowing smaller amounts in the form of a further advance, we have introduced a new lifetime tracker with £195 fee. Borrowers now have the choice between fixing their rate and having a longer term tracker product."
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