However, as Moneyfacts spokesperson Caitlyn Eastell pointed out, some notable lenders moved to increase rates by up to 015%.

Week-on-week the average two-year fixed rate rose slightly to 5.33% while the average five-year held firm at 5.18%.

The prominent brands to reduce selected fixed rates this week included Santander by up to 0.08% for first-time buyers, 0.09% for second-time buyers and by up to 0.10% for remortgage customers, TSB by up to 0.15%, Lloyds Bank by up to 0.16% and Halifax by up to 0.16%.

Building societies made a few rate moves this week. Those to cut included West Brom Building Society by up to 0.17%, Principality Building Society by up to 0.30%, Newcastle Building Society by up to 0.25% at for deals at 95% loan-to-value, Coventry Building Society by up to 0.24%, Leeds Building Society by up to 0.31% and Skipton Building Society by up to 0.21% for deals at 95% loan-to-value.

Not to go unnoticed, a few more lenders moved to reduce rates such as Precise by up to 0.85%, LiveMore Capital by up to 0.34% and Masthaven Finance by up to 0.40%.

Eastell said one of the eye-catching deals to hit the market this week was a two-year fixed remortgage deal from West Brom Building Society, priced at 4.91% and available at 90% loan-to-value, which may be an ideal option for those still building up their equity. Adding to its appeal, it includes a free valuation incentive and £500 cashback. It also has a reasonable £999 product fee which can be added to the advance.

She added: “Over the past month fixed mortgage rates have been volatile but reductions continue to outpace increases which is encouraging news for any prospective homeowners. Now that the SDLT relief has run its course, many borrowers who just fell short of the deadline may now be scrambling for extra cash.

“But it is encouraging to see some lenders, such as Accord Mortgages, working hard to reduce the impact of SDLT by adding lucrative cashback incentives.”