The bank said its two and five-year fixed rates for new and existing residential customers will be reduced by up to 0.21%. And its two and five-year Interest Only fixed rates will be reduced by up to 0.21%.

The lender’s exclusive residential large loan deals on selected two and five-year fixed rates will also be reduced by up to 0.21%.

These deals will be available for loan sizes between £1m and £2m.

Early purchase and remortgage deals on two and five-year fixed rates will be reduced by up to 0.47% while remortgage on two and five-year fixed rates will be reduced by up to 0.33%.

The deals now start at 4.27% and 4.60% respectively.

The bank’s buy-to-let products have also seen cut. Its five year fixed rates is down to 0.30% and the two and five year fee-saver fixed rates is now reduced to 0.32%.