Halifax, Lloyds, Gen H, Coventry and Kensington have cut rates today.

Halifax and Lloyds have lowered remortgage rates by up to 14 basis points, while first-time buyer and home mover prices have reduced by up to 12bps.

Kensington has made substantial cuts of up to 35bps on core buy-to-let rates, while residential deals have been trimmed by up to 15bps.

Gen H is dropping five-year rates between 60% and 80% loan-to-value by up to 20bps at 5.30pm today, while two-year rates at the same LTV are falling by 15bps.

Coventry has also lowered rates across many residential deals for purchase and remortgage as well as some buy-to-let products.

Today’s reductions come after more than a dozen lenders cut prices last week and average fixed rates edged downwards, according to Moneyfacts.

Mortgage Advice Bureau strategic lender relationship director Rachel Geddes says: “Halifax’s latest rate reductions are another welcome sign that lenders remain committed to supporting borrowers, despite ongoing economic uncertainty.

“While the changes may appear modest, even small reductions can make a meaningful difference to affordability, particularly for first time buyers and homemovers facing higher property and living costs.”