The lender has also introduced a new tracker deal with a £1,499 fee and a rate starting at 5.78 per cent.
Matthew Carter, divisional director for mortgages at Nationwide, said: "As a building society we always aim to offer our members the best possible deals.
"These price changes reinforce our message that, despite tougher market conditions, we remain very much open for business."
Recent research from Nationwide found that the pace of house prices in the UK fell during June.
Prices fell by 0.9 per cent last month, while the average cost of a property stood at £172,415.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.