Barclays is reducing rates on around 20 products across its residential purchase, remortgage and reward range, with rates cut by up to 44bps.

Some of the larger cuts are on its five-year fixed-rate mortgages. In its remortgage range, Barclays ‘Great Escape’ five-year fix will now charge a rate of 4.51%, down from 4.95%. This is available up to 60% LTV and has no product fee.

Its five-year remortgage product with a £999 fee has been reduced from 4.84% to 4.45%. This is available up to 75% LTV.

Barclays has also reduced the cost of its shorter-term remortgage products, with its two-year fix falling from 4.93% to 4.6%. This is available at 60% LTV with a £999 fee.

On its purchase range, Barclays will now charge a rate of 4.58% (up to 75% LTV) on its five year fix with no product fee. This product was previously priced at 4.9%.The same product with a £899 fee now costs 4.44%, down from 4.73%.

A three-year purchase only mortgage with a £999 fee now costs 4.32%, down from 4.54% (up to 60% LTV).

Meanwhile HSBC is reducing a wide range of rates across its residential, first-time buyer and buy-to-let range. These are available at various LTV levels.

The bank has also withdrawn from sale its 10-year fixed-rate fee saver and standard rates for residential customers until further notice. Full details of these new rates across these different ranges will be available from tomorrow.

SPF Private Clients chief executive Mark Harris, says: “This latest round of mortgage rate reductions from some big lenders is great news for borrowers.

“They come on the back of a decline in swap rates, which underpin the pricing of fixed-rate mortgages, over the past week. These cuts should give other lenders confidence to make similar reductions, which will stimulate activity and provide a welcome boost for the market.”