The three-year remortgage rates now start at 3.98% for those with a 40% deposit paying a £999 fee, and 4.27% with no fee.

Customers will also receive £250 cashback or a contribution towards their legal fee costs.

MPowered Mortgages head of product Peter Stimson says: “Most of the new products in the last couple of weeks have focused primarily on purchase customers, so we are very pleased to also offer remortgage customers rates that now start with a three and what we believe to be the lowest three-year fixed rate range on the market right now.”

“Swap rates have continued to fall over the last week which has allowed us to continue to pass this benefit to our customers in the form of lower rates.”

Meanwhile, Investec has made reductions to its high-net-worth fixed rate residential and buy-to-let (BTL) mortgage products.

The changes to residential fixed rates mean that at 60% LTV residential two-year fix now starts at 4.25% while the equivalent five-year fix now starts at 4.35%.

BTL 60% LTV two-year fixed rates will start from 4.65% while the equivalent five-year fix will start from 4.75%.

Investec Bank head of intermediary business development Peter Izard states: “We are pleased to announce reductions to our fixed rate mortgage range, which follow recent cuts to our variable rate mortgage products and arrangement fees.”

“We are constantly looking for ways to improve how we meet the needs of our brokers and clients.”

In addition, HSBC has announced that it will cut rates to provide more than two dozen sub-4% options for customers across a range of mortgages.

Rates for premier customers start from 3.88% down by 0.19% at 60% LTV on a two-year fixed rate with £999 fee.

This product is for home purchases, first-time buyers and existing premier customers who are coming to the end of a rate and want to stay with the lender on a new fixed rate.

For non-Premier customers purchasing a home, including FTBs at 60% LTV with £999 fee, two-year priced at 3.91% and five-year priced at 3.93% both reduced by 0.19%.

HSBC has also reduced BTL rates by up to 0.12% with sub-4% options available including 60% LTV remortgage at 3.91% with £3,999 fee.

Reductions of up to 0.20% have also been made on international residential mortgages with the cheapest rates available now at 4.31% on a three-year fix at 60% LTV with fee of £999.

HSBC UK director of mortgages Oli O’Donoghue says: “We are firmly focused on helping people achieve their home ownership goals, from remortgaging their existing property to customers moving onto or up the property ladder.”

“There are a number of factors taken into account when setting mortgage rates and following a review we are pleased to announce rate reductions across our residential, BTL and international mortgage ranges for new and existing customers, with several below 4.00%.”