Leeds Building Society is lowering rates by up to 20bps tomorrow on selected residential, buy-to-let and portfolio buy-to-let fixed rates for new customers.

The lender is also trimming existing customer residential and additional borrowing rates by up to 7bps.

Coventry Building Society is making widespread reductions across its range on Friday, giving brokers two days notice.

The mutual has not revealed the scale of the cuts, however it says that all residential and buy-to-let fixed rates will be reduced.

Newcastle Building Society slashed rates by up to 30bps yesterday.

Highlights of its new range include two-year fixed rates for new customers starting from 4.35% at 80% loan-to-value.

Three-year fixed rates for existing customers start from 4.15% at 70% LTV.

This week Moneyfacts revealed that the overall average mortgage rate had dropped below 5%.