Rates on the lender's two and three-year tracker deals are also being increased for those with deposits less than two per cent.
Matthew Carter, divisional director of mortgages for the firm, said that Nationwide "always aims" to give its members "the best possible deals".
"For the second time this month, we are in a position to reduce the rates on mortgages, offering some of the most competitive rates in the market," he explained.
"As part of our commitment to rewarding customer loyalty we now have a Lifetime tracker mortgage offering a good deal for customers who are switching their Nationwide mortgage."
Recent research by Nationwide found that just over a quarter of people believe that saving is very important.
The figure was over 20 per cent lower than in May this year.
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