Several mortgage lenders have announced rate cuts coming into effect this morning.

TSB cuts mortgage rates across selected product ranges, effective from today.

Among the updates is a 2-year fixed rate of 3.99% with a loan-to-value (LTV) of up to 60% and a £1,495 fee, exclusively available to existing TSB customers completing a product transfer.

Within its residential range, TSB is also lowering rates on multiple fixed-rate products.

The 2-year fixed rate for first-time buyers and home movers with 85% to 90% LTV will decrease by 0.10%, while the 3-year fixed rate for those with a 60% to 75% LTV will drop by 0.05%.

Additionally, a 5-year fixed rate for first-time buyers and home movers, from 75% to 90% LTV, will see reductions of up to 0.10%.

For remortgages, the 2-year fixed rate at 60% to 75% LTV will be reduced by 0.05%.

Product transfer rates will also be revised. The 2-year fixed rate for residential customers with a LTV of 75% and 85% to 90% will be reduced by up to 0.20%, while the 3-year fixed rate will decrease by up to 0.10%.

Meanwhile Halifax is offering reductions in fixed rates and an increased loan maximum for its First Homes scheme. 

Among several updates, selected fixed-rate mortgage products will see reductions of up to 0.14%. 

In addition to the rate cuts, Halifax has announced an increase in the maximum loan amount available under its First Homes scheme, raising the limit to £1,000,000. The lender hopes this will enable more buyers to access the initiative, aiming to help eligible first-time buyers and key workers purchase properties at a discount. 

Clydesdale Bank is also introducing changes from today.

Selected 2- and 5-year residential mortgage rates at 65% and 75% loan-to-value (LTV) will see reductions of up to 0.10%. These changes will apply to both new customers and those looking to transfer their existing products.

Exclusive mortgage products will also experience rate decreases. The 2-year residential remortgage exclusive rates at 75% and 80% LTV will be reduced by up to 0.12%.

Large Loan Exclusive products, available at 65% and 75% LTV for 2- and 5-year terms, will see reductions of up to 0.10%.

Additionally, product transfer exclusive rates for residential mortgages at 65% LTV for both 2- and 5-year terms will decrease by up to 0.10%.

In its buy to let range, 2-year fixed-rate products at 60% to 75% LTV will enjoy a 0.21% decrease.

Meanwhile yesterday Atom Bank reduced rates across its Prime mortgage range.

Its 2-year fixed rate Prime products have been cut by up to 0.15%, while rates on 3- and 5-year fixed rates have been cut by 0.10%.

Rates now start at 5.19% for 2-year deals, at 5.14% for 3-year products and at 5.04% for 5-year fixed rate products.