TSB is the latest mainstream lender to announce price cuts this week with rates set to fall by up to 80 basis points on Friday, while HSBC’s reductions of up to 25 basis points take effect today.

Yesterday, Santander announced rate cuts of up to 25bps, which also kicked in today.

At TSB, its biggest reductions are on buy-to-let deals.

Two and five-year fixed rates for landlords purchasing or remortgaging at 69% loan-to-value will drop by up to 80bps.

But some residential products will also see substantial cuts.

Three-year fixes for house purchase will fall by up to 60bps.

Two, three and five year fixed rates for remortgage are being lowered by up to 50bps.

Trinity Financial product and communications director Aaron Strutt says: “The price reductions are still coming through, but they may not last much longer.

“The cost of funding mortgages has gone up again and there are strong suspicions that these new lower priced fixed-rate may well get pulled quite quickly.

“If you are on the hunt for a mortgage and holding off because you think rates are on the way down, I would think again.

“Try to get a rate booked if you are buying somewhere or your remortgage is due over the next four or five months.”

Strutt adds: “HSBC has announced its latest rates, and it has a 4.62% two-year fix and a 4.76% five-year fix, which undercuts Nationwide and Halifax’s 4.64% two-year fix.

“Halifax has one of the most competitively priced three-year fixes at 4.73% at the moment as well as its 3.96% tracker.”

“If you are not sure whether to take a fixed or tracker rate, some mortgage lenders let borrowers take a combination of both.

“Barclays, HSBC, TSB, Skipton and Santander are some of the bigger lenders allowing borrowers to hedge their bets by taking some of the mortgage on a fix and the rest on a tracker.”