Halifax is cutting remortage product rates by up to 0.40 per cent.

The 60 per cent LTV and 75 per cent LTV two-year fix with £999 fee and the 60 per cent LTV five-year fix with zero fee will receive this treatment.

Meanwhile, the 60 per cent LTV and 75 per cent LTV five-year fix with £999 fee will see its rate cut by 0.39 per cent, while the 80 per cent LTV five-year fix with zero fee will receive a 0.38 per cent cut.

Other cuts range from 0.04 per cent to 0.37 per cent.

Remortgages for affordable housing shared equity and shared ownership will also see cuts – specifically the 0 to 60 per cent and 0 to 75 per cent two-year fix with £999 fee gets a 0.40 per cent cut and the 75 to 85 per cent LTV two-year fix with £999 fee a 0.35 per cent cut.

The cuts will take effect from Monday 8 June.