This will apply to its residential and buy-to-let ranges.
For residential borrowers, fixed rates will be cut by between 0.02 per cent and 0.2 per cent, while select buy-to-let rates will go down by between 0.04 per cent and 0.2 per cent.
Across its product transfer range, residential fixed rates will be reduced by between 0.02 per cent and 0.15 per cent, while buy-to-let options will be cut by between 0.02 per cent and 0.2 per cent.
The lender is also adding new deals to its offering.
This includes a range of products exclusively for first-time buyers with £500 cashback and no product fee. Santander is also launching three-year fixed rates with no product fee for both purchase and remortgage.
It is replacing its 2.5-year fixed new build range with three-year fixed options and launching buy-to-let products with a £749 fee. The buy-to-let mortgages will be open to new business and product transfer borrowers.
These changes will apply from 22 August.
Suffolk BS adds two-year fix
Suffolk Building Society launched a two-year fixed product to its range with a rate of 6.49 per cent.
This is available at 50 per cent loan to value (LTV) for purchase or remortgage. The maximum loan size is £500,000 and there is a £199 application fee as well as a £999 completion fee.
Andrew Sadler, key account manager at Suffolk Building Society, said: “We’re always pleased to offer fixed rate products. This new two-year fixed rate product expands the range currently available, and is a possible alternative to the two-year discount option available to residential customers.”
