It comes as TSB has revealed cuts of up to 25bps and HSBC has also revealed it will be lowering rates tomorrow.

The following Barclays existing customer reward rates will reduce:

• Two-year fixed up to 85% LTV with £999 fee will reduce by 15 bps from 5.22% to 5.07%
• Two-year fixed up to 85% LTV with no fee will drop by 15 bps 5.43% to 5.28%
• Five-year fixed up to 85% LTV with £999 fee will reduce by 15 bps 4.94% to 4.79%
• Five-year fixed up to 85% LTV with no fee will reduce by 15 bps  By 15 bps 5.03% to 4.88%

The lender is withdrawing the following residential existing customer purchase-only products:

• Two-year fixed up to 85% LTV with £899 fee at 4.73%
• Five-year fixed up to 75% LTV with no fee at 4.14%
• Five-year fixed up to 85% LTV with £899 fee at 4.37%

Last week Barclays joined other major lenders in offering the first sub-4% mortgage deals since March.

It launched a five-year fix at 3.83% for Premier customers or 3.84% for others, available for purchase only up to 60% LTV with an £899 fee.

Model Financial Solutions director Hannah Bashford says: “Before 10.30am three major lenders have announced interest rate reductions.

“If this isn’t a positive sign on where interest rates are going, I don’t know what is.

It’s now more important than ever to look at the whole of the market and make sure, if you’re purchasing or remortgaging, that you are tracking rates.

“I have made four changes to one client’s mortgage application in the past six weeks alone and if you go direct a lender is simply not going to tell you of these changes or encourage you to adjust your rate.”