The Mortgage Works will cut rates for landlords, while HSBC and Virgin among others have trimmed tracker and standard variable rates.
The moves come a day after the Bank of England reduced the base rate by 0.25% to 4.25%, the second reduction in the cost of money this year.
The Mortgage Works will bring down prices on selected buy-to-let and limited company products for new and existing customers by up to 30 basis points from Saturday.
Its lowest landlord rates in this round are two-year purchase and remortgage fixes for new customers at 2.79%, with a 3% fee, available at up to 65% LTV, down by 20bps.
New landlord borrower two-year remortgage fixes at 3.29%, with a 3% fee, available up to 75% LTV, down by up to 30bp, with a free valuation and free legals.
Switcher reductions include, BTL two-year fixes at 4.60%, with no fee, available at up to 65% LTV, down by 10bps.
Trinity Financial product and communications director Aaron Strutt says: “This [its 2.79% up to 65% LTV offer] is a great product for landlords needing to remortgage and avoid a repayment shock even though it has a chunky fee.
“This product isn’t for everyone, and the fee is high, but the headline rate is ridiculously low, which certainly helps many landlords who want to maintain their cash flow.”
Meanwhile, Santander will cut home mover, first-time buyer, new build, remortgage and BTL fixes by up to 0.18%, introducing more sub-4% three-year fixed rate products from Tuesday.
The bank’s home mover reductions include 60% LTV three-year fixes, with a £999 fee at 3.94%, down by 5bps.
And for FTBs, 60% LTV two-year fixes, with a £999 fee, at 3.89%, down by 5bps.
Also, HSBC says all of its tracker rates will include the reduced Bank base rate from today, but there will be no changes for the lender’s residential standard variable rates, or BTL standard variable rates.
Finally, Virgin Money and Clydesdale Bank will also cut rates following yesterday’s move by the Bank of England.
Virgin Money says its updated tracker rates are available from today and reflect the Bank base rate reduction. The lender adds its tracker differential will not change.
From 29 May, Virgin Money and Clydesdale Bank’s standard variable rate will fall from 7.49%.
Virgin Money’s BTL variable rate will move to 7.74% from 7.99%.
Clydesdale Bank’s offset variable rate will reduce to 7.24% from 7.49%, while its BTL variable rate offset variable investment housing loan rate will fall to 7.74% from 7.99%.
