Barclays has launched a tracker deal at 0.85% amid significant rate cuts, while TSB has also reduced costs on many products.

TSB cut selected rates by up to 25 basis points today.

• Two-year fixed rate for first-time buyers and home movers up to 95% LTV cut from 3.39% to 3.14% with a £995 fee
• The lender has made lesser cuts of 15 basis points to two-year fixes between 85% and 90% LTV

Alongside the reductions, TSB has increased the rate on a number of five-year deals by 10 basis points.

Meanwhile, Barclays is cutting rates across its residential range tomorrow by up to 53 basis points, including cutting its cheapest tracker deal to 0.85%.

The lender is also introducing a new five-year fixed rate at 75% LTV with no fee and a rate of 1.52%.

Among the highlights of its reprice, the following deals are being reduced:

• 1.38% two-year tracker, £999 fee, 60% LTV – reduced to 0.85%
• 1.79% two-year tracker, £0 fee, 60% LTV – reduced to 1.40%
• 2.05% two-year fixed rate, £0 fee, 85% LTV – reduced to 1.95%