HSBC has reduced rates across its mortgage range by up to 34 basis points.

The lender notified brokers yesterday that it would be lowering rates, but did not reveal by how much.

Today’s changes apply to products for first-time buyers, home movers and those remortgaging.

Within its residential purchase range, a two-year fixed at 60% LTV with a £999 fee has fallen by 29bps to 4.80%, while the fee-free equivalent at the same LTV has decreased by 26bps to 5.02%.

A five-year fixed at 90% LTV with no fee and £350 cashback has reduced by 31bps to 5.28%, while a premier two-year fixed at 60% LTV with a £999 fee has dropped by 29bps to 4.77%.

For first-time buyers, a two-year fixed at 60% LTV with a £999 fee and £750 cashback has fallen by 24bps to 4.93%, while a two-year fixed at 90% LTV with no fee and £500 cashback has reduced by 25bps to 5.49%.

A five-year fixed at 85% LTV with no fee and £500 cashback has decreased by 28bps to 5.21%, while a premier two-year fixed at 60% LTV with a £999 fee and £750 cashback has dropped by 24bps to 4.9%.

In its remortgage range, a two-year fixed at 60% LTV with a £999 fee has fallen by 28bps to 4.90%, while a fee-free two-year fixed at 75% LTV has reduced by 29bps to 5.30%.

A five-year fixed at 60% LTV with no fee has decreased by 33bps to 4.96%, while the equivalent at 75% LTV has also fallen by 33bps to 5.03%.

Within its buy-to-let remortgage range, a five-year fixed at 60% LTV with no fee has reduced by 34bps to 5%, while the 75% LTV equivalent has also fallen by 34bps to 5.22%.

Commenting yesterday, when HSBC first signalled the move, John Charcol mortgage technical manager Nicholas Mendes said: “It’s another positive step, and probably the clearest sign yet that lender confidence is starting to come back.

“What gives this move a bit more weight is that HSBC is one of the major high street lenders.

“When a lender of that size starts repricing, it does tend to give the wider market a nudge and adds to the sense that this could help kick start further reductions from other big names over the coming days.

“That is especially encouraging after the volatility of the last few weeks, where lenders were far more focused on protecting margins and managing risk than competing hard on price.

“It is also a broader move, covering areas including first time buyer, home mover, remortgage and buy to let business, which makes it more meaningful than a small, isolated tweak to one corner of the range.”