At TML, residential rates have come down by up to 25 basis points while buy-to-let costs have fallen by up to 10 bps.

Glenhawk, meanwhile, says it has dropped rates to their lowest over level on its regulated bridging range.

Its 50-65% loan-to-value products are down from 0.64% to 0.61% per month.

At 70-75% LTV the rate has reduced from 0.72% to 0.69% per month.

The lender has also started offering second charge options on its regulated prime product up to 70% LTV to help borrowers who need to break a property chain.

Glenhawk director of lending Nick Hilton says: “Despite broader macro volatility, downward trending interest rates have driven improved sentiment, which is underpinning growing appetite from borrowers looking to invest in their primary residence.”

TML chief commercial officer Steve Griffiths says: “We’re committed to evolving our proposition in step with advisers and their clients.

“These latest rate reductions allow us to provide even more options for a wider range of mortgage customers – whether it’s a first-time buyer looking to maximise their affordability based on their income make up, to professional landlords seeking stability in today’s market.

“We’ll continue to review our products to ensure we’re delivering solutions that reflect real-life needs, while working closely with brokers to support their clients’ ambitions.”