Santander is cutting 230 rates by up to 25 basis points on Tuesday across both residential and buy-to-let products.

It follows previous rate cut announcements by NatWest this morning and by Nationwide, Barclays and others earlier this week.

Yet Halifax was one of a number of lenders to increase rates.

Among the biggest cuts at Santander, a 90% loan-to-value two-year fixed for first-time buyers with a £999 fee and £250 cashback will fall by 25bps, from 5.14% to 4.89%.

The fee-free version of the same deal will also drop by 25bps, from 5.39% to 5.14%.

A 95% LTV 10-year fixed for home movers with no fee and £250 cashback will come down by 25bps, from 5.95% to 5.7%.

An 85% LTV two-year fixed for first-time buyers with a £999 fee and £250 cashback will fall by 24bps, from 5.07% to 4.83%.

The fee-free equivalent will also drop by 24bps, from 5.32% to 5.08%.

Santander’s latest reprice also includes reductions across a large number of other residential deals.

The lender’s buy-to-let range will see prices fall by between 5 and 13bps.