The changes are effective from tomorrow.

Within its new business range, its core residential products, including purchase and remortgage deals, will be lowered by around 0.45 per cent.

This includes its no-fee five-year fixed purchase rate at 95 per cent loan to value (LTV) which will fall from 6.84 per cent to 6.39 per cent.

First-time buyer products will be lowered by around 0.28 per cent. Its five-year fixed rate purchase product at 85 per cent LTV will go from 5.72 per cent to 5.44 per cent and comes with £995 fee and £250 cashback.

Shared equity deals, including Help to Buy products, will go down by around 0.25 per cent, with its five-year fixed rate at 5.62 per cent cut by 0.25 per cent to 5.37 per cent. It comes with £995 fee and £250 cashback.

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Green mortgages will decrease by around 0.2 per cent, with its two-year fixed rate at 60 per cent LTV falling from 6.09 per cent to 5.89 per cent. It comes with £995 product fee.

Within its existing customer range, two and five-year fixed rate switcher products up to 90 per cent LTV will decrease by around 0.1 per cent.

This includes its fee-free five-year fixed rate switcher at 75 per cent LTV will go from 5.79 per cent to 5.69 per cent.