The reductions at Barclays span scores of deals across both residential and buy-to-let, including existing customer, reward and remortgage products.

Among its largest price cuts, Barclays is dropping the rate on a two-year fixed at over 75% LTV in its existing customer buy-to-let reward range by 54 bps from 5.64% to 5.10%, with no fee.

The same deal when borrowing up to 75% LTV is dropping 53 bps from 5.05% to 4.52%.

The biggest reduction in its residential mortgage range is to a remortgage-only two-year fixed at 85% LTV, which will fall 50 bps from 5.19% to 4.67%, with a £999 product fee.

The lender is launching a number of new products including an existing residential customer reward five-year fix at 60% LTV with a rate of 3.92% and £999 fee.

Skipton’s reductions today include a two-year residential fixed rate at 85% LTV, which is now 4.97%, down 34 bps from 5.31% with a £1,495 fee.

One of its most competitive rates in the new range is a five-year fixed at 95% LTV which has come down from 5.3% to 5.19%.

It has also added a two-year fix at 95% LTV with £500 cashback at 5.82% and a five-year alternative with the same cashback offer at 5.28%.

Both CHL and Kent Reliance for Intermediaries have emailed brokers today to say they are withdrawing certain deals to reduce rates but have yet to share details of their new pricing.

HSBC has cut rates on 300 deals by up to 16 bps.

It comes as Moneyfacts figures show lenders cutting rates and relaxing stress tests helping to improve affordability for borrowers.