The biggest cut is to its two-year fix at 60% LTV for new customers making a residential purchase, which has reduced by 11 points to 4.88%, with no fee.

Its five-year fix at 60% LTV, also for new customers making residential purchases, has been cut by 4 basis points to 4.24% with a £999 fee.

Some residential remortgage rates have also been reduced, such as its three-year fix at 69% LTV, down by 6 basis points to 4.5% with a £999 fee.

Switcher rates for residential borrowers have also seen cuts, with its two-year fix at 60% LTV down by 7 basis points to 4.83% with no fee.

The lender trimmed several buy-to-let remortgage deals, including a five-year fix at 60% LTV, down by 6 basis points to 4.58%, with a £1,999 fee.

John Charcol head of marketing Nicholas Mendes says: “It has been a positive start to the week and I expect to see HSBC improve on the recent minimal repricing we’ve seen of high street competitors in recent days.

“NatWest has done well to remain amongst the best buys for purchase and remortgaging products, but I expect we will see HSBC will topple them.”