Product transfer selected two- and three-year fixed rates will be reduced by up to 0.23% to start from 3.86% and selected five-year rates will be lowered by 0.14% to start from 3.93%.

In addition, selected two-year fixed rates on its remortgage products have been cut by up to 0.22%, starting from 4.28% while selected five-year rates have been lowered by as much as 0.15%, starting from 4.24%.

It has also trimmed prices on its buy-to-let (BTL) 80% loan-to-value (LTV) two-year fixed rate with a 1% fee by 0.21% to 4.99% and added an 80% LTV two-year fixed rate with a fee of £995, launching with a rate of 5.09%.

The purchase exclusive 80% LTV two- and five-year fixed rates will be reduced by as much as 0.07%, starting from 4.15% and the 95% LTV five-year fixed rate fee saver will be lowered by 0.05% to 4.89%.

It has also launched a purchase exclusive 75% LTV five-year fixed rate fee-saver at 4.25%.

Elsewhere, Atom bank has cut rates on its near prime residential mortgage range.

Rates have been lowered by up to 0.20% across two-, three- and five-year fixed rates, with the largest reductions applying to products at the highest LTVs.

The lender’s near prime products are now available from 5.04% on five-year fixed rates, while three-year fixes start at 5.19% and two-year fixes are priced from 5.24%.

Atom says near prime borrowers who sufficiently improve their credit status during the term of their fixed rate will be offered a prime product automatically at maturity.

The bank says more than 70% of near prime borrowers qualified for a prime product over the past 12 months.

Atom bank head of mortgages Richard Harrison says: “A second round of rate cuts on our Near Prime range in the month of June demonstrates our determination to provide these borrowers with great value.”

“It’s a huge positive to see that such a large proportion of our Near Prime borrowers are qualifying for a Prime product at maturity and are automatically offered an improved rate.”

Earlier this week, Barclays reduced its mortgage rates, with prices starting at 3.88% while at the start of June Nationwide announced price cuts across selected two-, three- and five-year fixed rate products, with rates starting from 3.90%.