Halifax is making rate cuts of up to 25 basis points on Monday amid a flurry of reductions across the market.

The lender has revealed it will be making changes to selected first-time buyer and home mover deals including new-build and affordable housing options.

The biggest cuts of up to 0.25 percentage points will be on fixed rates up to 75% LTV.

Further cuts of up to 0.2 percentage points will be made on deals up to 80% LTV.

Lesser reductions of up to 0.14 percentage points will be made up to 85% LTV.

Highlights include:

• Two-year fixed rate for loans between £250,000 and £1m at 1.3% with a £1,499 fee up to 75% LTV will reduce to 1.19%
• Three-year fixed at 1.63% with a £999 fee up to 75% LTV will reduce to 1.49%
• Five-year fixed for loans between £250,000 and £1m at 1.73% with a £1,499 fee up to 75% LTV will reduce to 1.48%

The news comes as Nationwide, TMW, Virgin Money and HSBC have all announced that they will be making rate cuts over the coming days.