Nationwide, Leeds Building Society and TSB all cut rates as the Bank of England reduced the base to its lowest level in around two years. 

Nationwide’s lowest home loan rate are now two- and five-year deals at 60% loan to value at 3.84% for new customers looking to remortgage, with a £1,499 fee, down by 10 basis points.

The mutual adds it has reduced rates for existing customers switching to a new deal or new customers remortgaging by up to 22bps.

It has also cut three-year remortgage fixes at 90% LTV, with a £999 fee, to 4.89%, reduced by 22bps. The lender’s cuts come to market on Friday.

Trinity Financial product and communications director Aaron Strutt says: “Nationwide has a habit of lowering its rates just after a base rate decision and this time the society has lowered its remortgage deals.”

Nationwide senior manager, mortgages Carlo Pileggi adds: “Our fourth set of rate cuts in three weeks shows how we are working hard to support all types of borrowers. 

“The changes we’re making tomorrow are aimed at ensuring we are well-positioned to support both new and existing customers who are currently looking for a new mortgage deal and follow the rate cuts made earlier this week which focused more on first-time buyers and home movers.”

Meanwhile, Leeds Building Society Leeds Building Society will cut rates across its residential mortgage range by up to 18bps for homeowners who are looking to renew their mortgage, homemovers and first-time buyers from Saturday.

Highlights include three-year residential fixes at up to 80% LTV at 4.59%, down 18bps.

And five-year residential fixes at up to 65% LTV at 4.26%, down 5bps.

Leeds Building Society senior product & pricing manager Jonathan Thompson says: “We’ve implemented these changes to give brokers, buyers and homeowners greater choice as we anticipate further reductions in the market following the Monetary Policy Committee decision.”

Finally, TSB has reduced selected residential, product transfer and additional borrowing deals by up to 20bps.

Highlights include two-year remortgage fixes at up to 60% LTV, down by up to 20bps.

And residential two-year product transfer fixes at up to 60% LTV are down by 10bps.

Earlier today, five members of the Bank’s nine-strong Monetary Policy Committee voted to cut the base rate by 0.25% to 4.25%.