The average two-year fix is now 5.62%, down 3bps from 5.65% last week. The typical five-year fix is now 2bps lower, at 5.59%.

Moneyfacts head of consumer finance Adam French said: “Unlike recent weeks, some of the biggest reductions were to the benefit of lower-risk borrowers.

“The average two-year fixed rate at 60% loan-to-value dropped by 8bps from 5.15% to 5.07%, while the average five-year equivalent fell by 4bps from 5.28% to 5.24%. With lenders such as Accord and NatWest also refreshing products and adjusting loan limits to attract borrowers with more equity.

“While it is promising news for remortgage customers, those coming off historically cheap five-year fixed deals taken out back in 2021 are still set for a shock. Based on a mortgage of £250,000 over 25 years, a typical borrower securing a two-year fixed rate at 60% LTV would now pay around £1,472 per month, approximately £12 less per month (£144 less per year) than they would have done a week ago.”

Notable fixed rate and pricing changes

• AIB (NI) – Fixed rates reduced by up to 16bps, with a small number increasing by 2bps; end dates extended.
• Accord Mortgages – Selected fixed rates reduced by up to 46bps or increased by up to 10bps; tracker rates reduced by up to 21bps.
• Atom Bank – Near Prime fixed rates reduced by 10bps; end dates extended.
• Buckinghamshire Building Society – RIO and Retirement fixed rates reduced by 6bps.
• Coventry Building Society – Selected fixed rates reduced by up to 20bps.
• Gatehouse Bank – Selected fixed rates reduced by 10bps.
• Gen H – Selected five-year fixed rates increased by 15bps.
• HSBC – Selected fixed rates reduced by up to 11bps; tracker rates reduced by up to 8bps.
• Halifax – Selected fixed rates reduced by up to 10bps.
• Kensington – Selected fixed rates reduced marginally; revert-to and tracker rates increased by 15bps.
• Leeds Building Society – Selected fixed rates reduced by up to 5bps; end dates extended.
• Leek Building Society – Selected fixed rates increased by up to 10bps; end dates extended.
• Lloyds Bank – Mixed changes, with selected fixed rates reduced by up to 10bps or increased by up to 5bps.
• Marsden Building Society – Selected fixed and discounted variable rates saw mixed changes; various end dates extended.
• NatWest – Selected fixed rates reduced by up to 11bps; maximum loan sizes amended.
• NatWest Intermediary Solutions – Selected fixed rates reduced by up to 10bps.
• Precise Mortgages – Fixed rates reduced by up to 35bps.
• Principality Building Society – Selected fixed rates reduced by up to 10bps.
• Progressive Building Society – Fixed rates reduced by up to 40bps; discounted variable rates saw mixed movements.
• Royal Bank of Scotland – Selected fixed rates reduced by up to 10bps; maximum loan sizes amended.
• TSB – Selected fixed rates reduced by up to 25bps.
• Yorkshire Building Society – Fixed rates reduced by up to 15bps; tracker rates reduced by 9bps.
• Virgin Money – End dates extended across range.

Notable product launches, withdrawals and range changes

• Accord Mortgages – Selected remortgage fixed rates withdrawn. New remortgage fixed and tracker products launched.
• Buckinghamshire Building Society – Selected discounted variable and fixed rates withdrawn.
• Cambridge Building Society – New core, interest-only and First Step fixed rates launched, including a 98% LTV product.
• Gen H – £499-fee fixed rate products withdrawn and not replaced.
• Kensington – Selected Select fixed rate withdrawn and range restructured. New Select Special five-year fixed rates launched.
• Leeds Building Society – Selected FTB, Reach and Income Plus products withdrawn.
• Lloyds Bank – Club Lloyds remortgage fixed rates and tracker products withdrawn.
• Marsden Building Society – New discounted variable rate launched.
• NatWest – High Value fixed rate withdrawn.
• Progressive Building Society – New three-year purchase fixed rates launched; renovation products extended from two to three years.
• Royal Bank of Scotland – High Value remortgage fixed rate withdrawn.
• Vernon Building Society – Discounted variable ranges withdrawn and replaced