At Kensington, its residential Select and Core rates have seen the biggest cuts, including Heroes, Professional, eKo and Own New Rate Reducer products.

Within these ranges, two-year fixed rates now start from 4.86% at 75% loan-to-value with a £1,999 fee and five-year fixes from 5.01% with a £1,499 fee.

The lender has launched new Special rates for its Select two-year residential fixes, including a purchase-only, 95% LTV deal at 5.96% with a £1,999 fee.

For buy-to-let, the lender has lowered rates on five-year fixes at 75% LTV for houses in multiple occupation (HMO) and multi-unit blocks (MUB) by up to 20bps.

Prime and Core buy-to-let deals have come down by up to 10 bps.

Prime buy-to-let five-year fix at 75% LTV now starts at 4.83% with a £4,000 fee, 5.09% with no fee or 4.49% with a 3% fee.

For Prime HMOs and MUBs, the equivalent rates are 5.19% with a £4,000 fee, 5.54% with no fee or 4.89% with a 3% fee.

Meanwhile, TSB is cutting residential product transfer and additional borrowing rates by up to 10bps tomorrow.

Also tomorrow, Accord is trimming rates on buy-to-let product transfers at 65%, 75% and 80% LTV by 5bps.

Kensington commercial director Andy Bickers says: “These latest reductions reinforce our commitment to offering brokers and their clients some of the most competitive and thoughtfully structured products across residential and buy-to-let in the market.

“Our sales teams work closely with brokers to ensure their clients are matched with the right product from the outset, and our model of direct access to a dedicated underwriter provides clarity, speed and confidence throughout the journey.”