The bank will also introduce £350 cashback across its three-year fixed standard and fixed fee saver products within its UK residential, first-time buyer and home mover ranges.

For existing resi customers, HSBC is reducing rates across its two-year fixed fee saver range at 70% and 75% loan-to-value (LTV), as well as its five-year fixed fee saver, standard and premier exclusive ranges between 60% and 85% LTV.

For residential first-time buyer/home movers and remortgagers, the lender has cut rates across its two, three and five-year products between 60% and 90% LTV.

It has also reduced rates across its international residential range, with two-, three- and five-year fixes between 60% LTV and 75% LTV all being cut.

Finally, selected two-year and five-year fixed rates across its existing BTL customer, purchase and remortgage range have also been reduced.