The lender has also made a number of rate changes to landlord mortgages, cutting two- and five-year remortgage rates at up to 75% loan to value (LTV) by up to 0.2% and 0.15% respectively.

At the same time, the bank has changed rates across two-, three- and five-year fixed purchase rates, including increases and reductions.

Nick Smith, TSB’s head of mortgages, said: “At a time when landlords are increasingly being squeezed financially, the reduction of some of our rates plus the offer of a free valuation on all our buy-to-let product range will be very welcome news for many.”

It comes after TSB last week reduced residential rates by up to 0.35% on five-year mortgages at up to 95% LTV.

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The lender also snipped up to 0.25% off two-year fixes for remortgages and up to 0.2% from two-year fixed for purchases.

Lenders typically reprice at this time of the year in the hope of reaching year-end targets.

The average two-year fixed rate fell to 2.50% this week, down from 2.52% in October, according to Moneyfacts data.