Nationwide Building Society has launched a number of initiatives aimed at helping first-time buyers and home-movers.

The mutual has also augmented the range it offers to existing customers.

For first-time buyers, the building society is discounting its reservation fee by up to £500 and offering a £250 reservation fee discount, plus free legals.

The move cuts the reservation fee on a three-year fix at 4.44% (60% LTV) to just £396.

The lender is also extending this offer to its four and five-year fixed rate deals.

Home-movers can benefit from a combined reservation and free legals option, which reduces up-front costs on the society’s fixed and tracker rate loans.

In addition, products available to existing customers coming to the end of their deals have been enhanced with fee and rate cuts.

Andy McQueen, mortgage director at Nationwide, said: "The combination of rate cuts, of up to 0.84%, and fee offers we are announcing today should really help first time buyers and seasoned home owners. We are reducing the amount that they need to pay upfront and so hope we've removed a barrier which may have prevented people from buying a home.”

While it is hoped these plans will offer help to new customers, Mr McQueen says Nationwide is also taking steps to reward existing customers.

"Existing Nationwide borrowers at the end of their deal will also benefit from fee and rate cuts, as well as continuing to benefit from one flat rate available up to 95% LTV on many products. Like all customers choosing a tracker, they also benefit from the ability to ‘switch & fix' for free during their deal should they wish to," he said.