The lender has also trimmed select remortgage and buy-to-let rates.

At the same time, the bank has raised its Standard Variable Rate (SVR) for both residential and buy to let.

The revert rate for residential deals is rising from 6.29 to 6.79 per cent and from 5.85 to 6.35 per cent for buy to let.

Rates for first-time buyers have fallen on the two-year fixed fee saver between 60 and 70 per cent loan to value (LTV) to start at 4.94 per cent.

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Two and five-year fixed standard rates are down across LTVs up to 90 per cent, now starting from 4.34 per cent.

Five-year fixed fee saver rates up to 95 per cent LTV have also fallen.

Two-year tracker standard deals has also seen rates fall across LTVs up to 90 per cent, starting at 0.29 per cent plus the Bank of England base rate.

Homemover rates are down on two-year fixed deals with fees between 60 and 75 per cent LTV.

Costs have fallen across LTVs up to 90 per cent on the two and five-year fixed standard deals and up to 95 per cent LTV for its five-year fixed fee saver product.

Rates for two-year trackers 90 per cent LTV have also gone down.

The existing customers switching range has seen rates fall across LTVs up to 85 per cent LTV on two and five-year deals, and up to 90 per cent on three-year equivalents.

Cost have also reduced for existing customers borrowing more.

Remortgage deals have seen cuts across two and five-year fixed fee saver ranges, as well as the equivalent fixed standard products.

Select buy-to-let rates have been trimmed for existing customers switching and borrowing more. Select purchase and remortgage products have also been reduced.

The changes take effect from today.