In a note to brokers, the lender said that its current range would be withdrawn at 8pm today and new product would be available at 9am on 26 September.

The lender said: “We appreciate the market is volatile at present, and whilst not always possible, will endeavour to give you at least 24 hours’ notice of any upcoming changes.”

The company said that two-year rates were falling by up 0.30 per cent and three-year rates were also being cut by up to the same amount.

Five-year product rates are being cut by up to 0.35 per cent.