Principality has trimmed its residential five-year fixed 75% loan-to-value (LTV) with a fee of £1,395 by 0.15$ while its two-year fixed 75% LTV products have been reduced by as much as 0.14%.

It has also lowered rates on its two-year fixes at 65% LTV by up to 0.13% and its five-year fixes at 65% LTV with a fee of £1,395 by 0.13%

The lender has also cut its residential with cashback five-year fixed product at 75% LTV by 0.12%.

The joint borrower sole proprietor range has also been cut including the two-year fixed at 60% LTV, which has been lowered by 0.09%, while the five-year fixed equivalent has been trimmed by 0.10%.

Elsewhere, Atom bank has reduced rates across prime and selected near prime mortgages by 0.10%.

The rate reductions take effect immediately, and mean that Prime rates now start at 4.84%, while Near Prime rates begin from 5.04%.

For near prime purchase and remortgage, two-, three- and five-year £1,500 fee products will be lowered by 0.10% while two-year £900 fee and fee-free rates will go down by 0.10%.

For prime purchase, remortgage, further advance and retention all two-, three- and five-year rates will be cut by 0.10%.

Atom bank head of mortgages Richard Harrison says: “I’m delighted that we have been able to introduce another round of cuts. Our frequent rate reductions this year demonstrate how committed we are to providing brokers and their clients with outstanding value.”

“Crucially, this focus extends to borrowers with imperfect credit scores, with selected Near Prime products also being reduced.”