Santander is lowering the rates it uses for stress-testing borrowers’ affordability following the Bank of England base rate cut.

The lender has written to brokers to say it is reducing its affordability rates on both residential and buy-to-let.

On buy-to-let, the rates are reducing by 12 basis points.

Its standard rate will come down from 7.43% to 7.31%.

The rate for five-year fixes and for pound-for-pound remortgages will come down from 5.43% to 5.31%.

For residential cases, brokers must input their clients’ details into the affordability calculator to see how the reductions affect them.

Meanwhile, Clydesdale Bank has reduced the maximum number of borrowers allowed on a mortgage application from four to two.

This policy applies to both buy-to-let and residential mortgages.

The changes follow a number of other product updates from lenders today.

TSB, Barclays and Leeds Building Society are all cutting rates tomorrow.

Vida and Zephyr are also repricing.