Barclays is the latest lender to offer a sub-3.75% five-year fix. In terms of existing product decreases, from 25 September for residential purchase only, the lender’s 3.84% five-year fixed, £899 product fee, 60% LTV will decrease to 3.71%  (min loan £5k, max loan £2m).

Commenting on the rate cuts SPF Private Clients chief executive Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “No sooner does one lender offer a sub-3.75% five-year fix, then another joins the fray, with Barclays launching a market-leading 3.71%.

“The clear direction of traffic for mortgage rates is downwards, with lenders gently easing pricing as they compete for business.”

He added: “We don’t expect any dramatic reductions going forward but nevertheless, subtle improvements in rates will make life easier for borrowers.

In addition to reducing rates on a selection of existing products by as much as 0.34%, the lender is also launching a range of new products targeting both first-time buyers and second movers.

For new residential, purchase only the lender is offering 4.75%  two-year fixed £1999 product fee, 85% LTV (min loan £2m, max loan £5m).  A 4.60% Premier five-year fixed, £999 product fee, 90% LTV (min loan £5k, max loan £570k).  A 4.87% five-year fixed £1,999 product fee, 85% LTV (min loan £2m, max loan £5m); and a  4.33% Green Home two-year fixed, £0 product fee, 60% LTV (min loan £5k, max loan £2m)

For remortgage only –its’ 4.37% Premier two year fixed,  £999 product fee, 60% LTV, (min loan £5k max loan £2m), will decrease to 4.16% -year.

While the 4.40%  two-year fixed, £999 product fee, 60% LTV, Min loan £5k (max loan £2m) will decrease to 4.19%.