Halifax and Nationwide have both announced rate cuts across a series of mortgage products.
Halifax has cut rates on first-time buyer in home mover products by up to 0.5%.
And Nationwide has announced more cuts to its Loyalty Rate Mortgages initiative.
The Halifax move sees cuts of up to 0.5% across its 0-95% LTV two-year fixed first-time buyer and home mover products.
It has also cut the rates on its 0-90% LTV five-year fixed first-time buyer and home mover products, with deals starting from 3.19%.
Rates on its 0-85% LTV five-year remortgage products have been reduced up to 0.45%. Deals start from 2.14%.
Two-year fixed rate for first-time buyer, home mover and remortgage products:
85-90% LTV rates now 3.19% (£495 fee) and 3.39% (no fee) for first-time buyers and home movers.
75-85% LTV rates now 2.14% (£495 fee) and 2.34% (no fee) for remortgage customers.
Five-year fixed rate for first-time buyer, home mover and remortgage products:
85-90% LTV rates now 4.24% (£495 fee) and 4.44% (no fee) for first-time buyers and home movers.
80-85% LTV rates now 3.84% (£495 fee) and 4.04% (no fee) for remortgage customers.
Craig McKinlay, mortgages director at Halifax, said: “The reduction in rates across our two and five-year product range for first-time buyers, home movers and remortgage customers will enable us to continue to support first-time buyers and those moving up the housing ladder.”
Nationwide is reducing selected five-year fixed rate mortgage deals by up to 0.15% for existing mortgage customers looking for a new deal.
The reductions are part of the Nationwide Loyalty Rate Mortgages initiative, which compares the society’s mortgage rates for existing customers to those of its top six high street competitors.
Loyalty Rate Mortgages changes:
85% LTV five-year fixed rate with a £0 fee reduced by 0.15% to 3.24%.
90% LTV five-year fixed rate with a £0 fee reduced by 0.10% to 3.84%.
Existing mortgage customers already benefit from a 0.10% discount on new customer rates.
Nationwide is withdrawing its five-year fixed rate product to 85% LTV with a £999 fee at 3.24%.