HSBC is cutting rates across its residential and buy-to-let ranges tomorrow, following moves by other major lenders.

The bank does not give brokers advance notice of the scale of any cuts, but scores of rates are set to fall in the reprice.

Santander announced rate cuts on Friday, which will also come into effect tomorrow.

Earlier last week, Nationwide Building Society, NatWest and Barclays dropped prices.

However, not all movements were downwards as Halifax increased rates.

In the buy-to-let market, Rely is withdrawing selected rates at close of business today to make way for lower-priced deals tomorrow.

Monthly trends analysis from Moneyfacts today revealed that lenders’ price hikes in July completely reversed the drop in the average mortgage rate recorded over the month of June.

However, it noted steady improvement in the number of products on the market over the past four months.