Pepper Money, HSBC and Atom have cut rates by up to 25bps on their residential mortgage ranges, with cuts to follow from NatWest.

Pepper has cut rates by up to 25bps on its limited edition range.

The refreshed pricing means rates start at 5.39% for a two-year fix and 4.89% for a five-year fix.

The mortgages are only available on the lender’s Pepper48 product at 75% LTV, with a minimum loan size of £350,000 and £350 cashback or free legals for remortgage customers.

Pepper Money sales director Paul Adams said: “With the average house price at its highest level, borrowers need clear, competitive options, and our new limited edition offer is designed to give them exactly that.

“By reducing our rates and enhancing the product structure, we’re supporting brokers with a compelling solution for customers with larger borrowing needs.”

Atom has cut rates by up to 15bps on its residential mortgage range.

The reductions apply to both prime and near prime products, with rates starting at 4.69% for prime products and 4.84% for near prime.

The rate reductions come after Atom introduced a new £1,995 fee tier for its near prime range, following the introduction of a £1,500 tier earlier this year.

Atom head of mortgages Richard Harrison said: “We have shown throughout the year that we are determined to reduce rates whenever possible. We are passing on a recent fall in swap rates by cutting rates across both our prime and near prime ranges to support borrowers, including growing numbers of those with a minor blip on their credit history.”

HSBC has cut remortgage rates by up to 15bps and purchase and first-time buyer rates by up to 7bps.

For existing customers, rates are being cut by 16bps, and for buy-to-let remortgage clients by 10bps.

Highlights include a two-year remortgage product at 85% LTV and a £999 fee, now 4.25% after a 15bps cut.

On the buy-to-let side, HSBC is making cuts of 10bps to its two-year, 60% LTV deal with no fee, now 4.29%.

NatWest emailed brokers today to say it will be making cuts to its rates for existing customers from 21 November.

Details of the cuts will be published on its broker portal.

The mortgage cuts follow a slew of similar rate reductions by lenders across the market. Earlier this month broker network Stonebridge hailed the “aggressive” rate competition among lenders as leading to a rise in mortgage applications.