The news comes after price reductions from Halifax, Lloyds, Coventry, Kensington and Gen H were announced yesterday.

HSBC has scheduled wide-ranging rate cuts across both residential and buy-to-let product ranges tomorrow.

However, the lender never gives brokers advance notice of what the new rates will be.

Moda, the specialist arm of Chetwood Bank, has dropped rates by 20 basis points today on a number of buy-to-let deals.

Following the cuts, its limited edition two-year fixed-rate products now start from 3.34% for single dwelling properties and from 3.44% for houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) with up to six bedrooms or units.

Its limited edition five-year fixes now start from 4.94% for single dwellings and from 5.04% for HMOs and MUFBs.

Molo has also lowered buy-to-let rates today by up to 10bps.

The lender’s standard buy-to-let rates now start from 3.05% on two-year fixes and 4.75% on five-year fixes.

For HMOs and MUFBs rates now start at 3.16% on two-year deals and 4.84% on five-year deals.

It has no premium for larger properties with six or more rooms or units.

Meanwhile, Leeds Building Society is also reducing selected fixed rates for residential borrowers, including new customer deals, rate switches and additional borrowing.