HSBC has launched rate cuts of up to 0.10 per cent across 15 loan-to-value mortgages.

The high street bank says these cuts include its two-year fixed rate at 60 per cent LTV down 0.05 per cent to 1.14 per cent, with a £999 fee.

Its five-year fixed rate at 60 per cent LTV down 0.05 per cent to 1.64 per cent, with no booking fee.

The cuts also include a two-year fixed rate (fee saver) at 75 per cent LTV cut by 0.10 per cent to 1.79 per cent, with no booking fee.

And a two-year fixed rate 90 per cent LTV reduced by 0.10 per cent to 3.14 per cent, with a £999 fee, which also has a fee-saver equivalent cut of 0.10 per cent to 3.34 per cent.

The move comes a day after HSBC said it would take part in chancellor Rishi Sunak’s mortgage guarantee scheme to encourage higher LTV products, unveiled in the Budget.

Lenders in the scheme say they will offer these higher LTV mortgages next month.

The chancellor also confirmed that the stamp duty holiday would be extended from the end of March to the end of June.

HSBC Head of Buying a Home Michelle Andrews says “we continued lending at 90 per cent LTVs during very challenging times”, adding “we are cutting mortgage rates again on 15 products across our range of LTVs”.

Andrews says: “We know the temporary relief of stamp duty land tax has made a real difference and we welcome the extension.

“It will not only help those who are in the throes of buying a property and concerned about missing the deadline, it will also help keep momentum in the housing and mortgages markets.”