Back-to-back rate reductions from high street lenders this week are “a clear sign that competition in the mortgage market is gathering pace”, according to Mortgage Advice Bureau strategic lender relationship director Rachel Geddes.

Barclays, NatWest, Santander and TSB are among the latest lenders to cut rates this week in a major wave of repricing.

NatWest has made reductions of up to 31 basis points, Santander up to 21bps, TSB up to 20bps and Barclays up to 13bps.

Other lenders have slashed prices including Molo, by up to 53bps.

Meanwhile, Kensington has made more modest cuts, lowering some buy-to-let deals by up to 10bps.

Commenting on the latest price cuts, Geddes says: “For first time buyers, lower rates could help ease affordability pressures. This is welcome news, especially as our research found that 45% of aspiring homeowners cite property prices as the main barrier.”

“Remortgage customers will benefit from the wider choice of products, while those moving home could also see lower borrowing costs, making it easier to take that next step.”

“Although these reductions won’t transform affordability overnight, they add to the momentum we’ve seen in recent weeks as lenders compete more aggressively for business. Borrowers who are ready to act are therefore likely to find a wider range of competitive options available.”

“With rates and products changing regularly, speaking to a mortgage adviser should be the first port of call. They can help borrowers compare the options available, understand what they’re eligible for, and secure a deal that’s right for their circumstances.”