On the residential side, the lender has cut two and five-year fixed house purchase rates by up to 0.15 per cent between 75 and 85 per cent loan to value (LTV).

This includes its two-year fixed rate with £995 fee which has fallen from 4.64 per cent to 4.49 per cent. Its five-year fixed rate with the same fee has decreased from 4.44 per cent to 4.29 per cent.

TSB has also cut its two-year fixed remortgage rates up to 75 per cent LTV by up to 0.25 per cent.

An example is its two-year fixed rate between 60 and 75 per cent LTV which has gone down from 4.89 per cent to 4.64 per cent. This deal comes with free legals.

Its fee-free two-year fixed remortgage rate with £300 cashback and no free legals between 60 and 75 per cent LTV has fallen by 0.25 per cent to 4.64 per cent.

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The lender has also reduced its buy-to-let remortgage rates by up to 0.2 per cent up to 75 per cent LTV.

This includes its two-year fixed remortgage rate up to 60 per cent LTV with £1,995 fee which has gone down by 0.2 per cent to 4.59 per cent. The deal comes with no free legals and £300 cashback.