At TSB, the biggest reductions are on residential two-year fixed rates for purchase at up to 75% loan-to-value, which are falling by up to 20bps.

Five-year fixes for purchase up to 95% LTV are also being reduced by the same margin.

Two-year fixed house purchase rates between 75% and 85% LTV with no fee are falling by 15bps. 

The same products in the 85%-95% LTV tier are also dropping by 15bps.

Two-year fixed house purchase rates, including affordable housing, at 85% to 95% LTV by up to 15bps.

TSB is also lowering selected remortgage rates tomorrow.

Two-year deals at 60% and 90% LTV are falling by up to 15bps.

At West Brom Building Society, reductions on selected core and new build mortgages within its residential new business range took effect today.

A 90% LTV two-year fixed for first-time buyers and home movers with a £999 fee has reduced by 22bps from 5.3% to 5.08%.

At 95% LTV, a two-year fix for first-time buyers and home movers with no fee has reduced by 26bps from 5.84% to 5.58%.

Within its new build range, a 90% LTV two-year fixed purchase mortgage with a £999 fee has reduced by 23bps from 5.81% to 5.58%.

West Brom product manager John Phillips says: “Our focus is always on putting customers first, and these latest rate reductions are designed to provide even greater value for borrowers navigating today’s housing market.

“We know affordability continues to be a key consideration, particularly for first-time buyers and home movers with smaller deposits, so it’s important that we continue to offer competitive options that support a wide range of needs.

“By reducing rates across both our core and new build ranges, we’re helping customers and brokers access products that offer strong value and greater confidence when making longer-term financial decisions.”

It comes as experts warn that uncertainty over the future of the Prime Minister could prompt more volatility in mortgage rates.