Barclays and TSB are cutting rates tomorrow by up to 40 basis points and 50bps respectively.

Barclays is making widespread reductions on both residential remortgage and buy-to-let deals.

The biggest cuts at Barclays are on buy-to-let remortgage products, with a fee-free two-year fixed at 75% LTV set to fall by 40bps from 5.5% to 5.1%.

The lender is also lowering a number of other deals by more than 20bps tomorrow.

TSB is making substantial cuts of up to 50bps.

Its sharpest reductions are on buy-to-let and portfolio buy-to-let.

Two-year fixed rates for buy-to-let purchase and remortgage rates between 60% and 75% LTV, will be cut by 50bps.

Within its residential range, two-year fixed house purchase products, including affordable housing products, will be reduced by 10bps.

Three-year fixed house purchase products up to 85% LTV will be cut by up to 30bps, while five-year fixed house purchase products, including affordable housing products, will be reduced by up to 15bps.