The bank has lowered its residential remortgage only five-year fixed at 60% LTV with a fee of £999 has decreased from 4.03% to 3.93%.

The Premier five-year fixed at 60% LTV with a fee of £999 has been lowered from 4.02% to 3.92%, while the three-year fixed at 60% LTV with a fee of £999 has been reduced from 3.98% to 3.95% and 

The Great Escape two-year fixed with no product fee at 60% LTV has also been cut from 4.33% to 4.15%. 

The lender’s purchase only products have also been lowered. The two-year fixed at 85% loan-to-value (LTV) with a fee of £899 from 4.23% to 4.14% while its fee free five-year fixed at 60% LTV has been reduced from 4.20% to 4.09%.

In addition, the residential purchase only five-year fixed at 85% LTV with a fee of £899 has been cut from 4.38% to 4.21%.

In the same range, the green home two-year at 85% LTV with a fee of £899 will decrease from 4.13% to 4.04% while the equivalent five-year fixed has been cut from 4.28% to 4.11%.

For existing customers, the residential EMC Reward two-year fixed at 85% LTV with a fee of £999 has been cut from 4.75% to 4.47%. 

The EMC Reward five-year at 90% LTV and over with no fee will be lowered from 5.77% to 5.44%. 

Elsewhere, HSBC has lowered its residential and buy-to-let (BTL) rates. 

The bank has cut rates on its two-year fixed saver products for existing residential products for customers switching or borrowing more at 60%, 80%, 85% and 90% LTV. 

It has also trimmed prices in its residential remortgage range, including two-year fixed standard products at 60%, 70%, 75%, 80% and 85%. 

The lender’s BTL purchase two-year fixed premier exclusive standard at 60% LTV products have also decreased.

Meanwhile, Market Harborough Building Society has also trimmed prices. 

From tomorrow, the society will lower its standard variable rate (SVR) by 0.20% to 7.59%. 

The specialist lender will also reduce its residential and let mortgage rates, including those for expats. 

All variable rates will be cut by up to 0.45%, three-year fixed fixed rates will be reduced by as much as 0.45%, all tier two fixed rates within its UK residential up to £3m range will be cut by up to 0.15% and all  fixed rates within its larger loan range for cases up to £5m will be trimmed by up to 0.15%.

For UK residential cases, with a £1,495 product fee, fixed rates will start from 4.99% and variable rates will start from 5.34%.

For let cases up to 75% LTV including top-slicing and lending into retirement as standard, fixed rates will start from 5.40% and variable rates will start from 5.75%.

 Commenting on the latest cuts, John Charcol mortgage technical manager Nicholas Mendes says: “Monday has kicked off with a flurry of rate reductions among lenders as they battle it out ahead of the summer holidays.”

“The direction of travel over the past month has been fairly clear. Swap rates, which heavily influence fixed-rate mortgage pricing, have continued to fall quite noticeably. The five-year swap now sits at 3.632%, down from 3.820% a month ago, while the two-year swap is at 3.599%, having dropped from 3.816% over the same period.”

“The three-year swap shows a similar story, sitting at 3.567% compared to 3.781% a month ago.”

“We’ve seen a series of cuts come through this morning. TSB has reduced a range of its product transfer and additional borrowing rates by up to 0.20%. HSBC has made reductions across both residential and BTL rates.”

“Barclays has not only lowered pricing on several existing products but also launched some competitively priced new deals, particularly at 95% loan-to-value. Principality has made some of the largest cuts, with reductions of up to 0.51% on certain residential products, alongside cuts to buy-to-let, holiday let and joint borrower sole proprietor ranges. Even their SVR is coming down, now falling to 6.92%.”

“While swap rates are moving down and markets remain reasonably confident that the Bank of England will cut the base rate at some stage this year, the next cut in August is looking increasingly likely. It’s important to remember, though, that fixed mortgage rates are primarily influenced by swap rates, which are driven by what markets expect to happen with interest rates in the future, rather than by the base rate itself.”

“One thing that’s clear is that borrowers shouldn’t become complacent. Sitting on a lender’s SVR or delay committing to a new deal as you approach the end of your current fixed rate in the hope that fixed rates will fall further is risky.”