The range includes two-year fixed rates at 3.99% and 4.09% and a lifetime tracker at 2.94% (Bank base rate + 2.44%) and 3.34% (Bank base rate +2.84%). In addition, the 70% loan to value tracker is being reduced from 2.79% to 2.77%.

Andy Gray, head of mortgages at Woolwich said: “We are introducing a tier of mortgage lending which we haven’t offered since the start of the recession.

“This is the fifth time we have lowered our rates since the beginning of September and we are definitely seeing a trend in the market for lower rates and more competition. With more people looking for mortgages, the new range and tier gives greater choice for borrowers with good rates at the right time.”

The mortgages are available at the same rates to both direct branch customers and via intermediaries.