The product to see the largest reduction is its fee-free two-year fixed purchase mortgage at 60 per cent loan to value (LTV) which has gone down from 6.79 per cent to 5.39 per cent. 

The product at 60 to 75 per cent LTV has also been reduced by the same to 5.39 per cent. 

The equivalent mortgages at 75 to 80 and 80 to 85 per cent LTV have been cut by 1.10 per cent to 5.69 per cent apiece. 

Reductions of up to 70 basis points (bps) have been made to the options at 85 to 90 and 90 to 95 per cent LTV, which now have rates of 6.09 per cent and 6.49 per cent respectively. 

TSB’s two-year fixed remortgages with free legals have been reduced by up to 1.1 per cent and now range from 5.39 per cent at 60 per cent LTV to 6.09 per cent at 85 to 90 per cent LTV. 

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The two-year fixed remortgages with no free legals and £300 cashback have been cut by up to 1.1 per cent too, and also range from 5.39 per cent at 60 per cent LTV to 6.09 per cent at 85 to 90 per cent LTV. 

Product transfer and further advance rates have been reduced by up to 1.1 per cent for options fixed for two years. 

Two-year fixed buy-to-let mortgages have seen rate cuts of up to 0.6 per cent, including the purchase product at 60 per cent LTV which is priced at 5.89 per cent, down from 6.49 per cent. 

Rate changes apply from tomorrow.