TSB has reduced selected mortgage rates for residential borrowers.
It has made cuts of 0.05% to two-year fixed house purchase rates, including affordable housing products.
The two-year fix up to 60% loan to value (LTV) with a £995 fee is now priced at 4.54% and the fee-free option is priced at 4.94%.
At 90-95% LTV, the equivalent rates are 5.34% and 5.64% respectively.
TSB has reduced its three-year fixed purchase rates by up to 0.2%, and two-year fixed remortgage rates up to 75% LTV have been cut by up to 0.1%, including affordable housing.
The new rates go live from 22 May.
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The reductions follow cuts made by Barclays and Santander this week.
Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau (MAB), said: “Lenders cutting rates again is another sign that competition in the mortgage market is heating up, as swap rates continue to ease and markets respond positively to a more encouraging inflation outlook.”
However, she said the withdrawal of selected products, particularly those suited to first-time buyers, showed there was still a need to “carefully balance competitiveness with margin and risk appetite”.
Geddes said: “We’re now seeing a broader trend across the market, with major lenders repricing far more frequently. For mortgage customers, that’s encouraging news, with improving competition helping to create greater choice and potentially lower borrowing costs.
“However, this remains a fast-moving market, where rates and products can change quickly. Securing the right deal at the right time is becoming increasingly important, making expert mortgage advice more valuable than ever.”
Together reduces short-term and first charge product rates
Specialist lender Together has reduced rates across selected product ranges.
This includes selected unregulated bridging rates, which have been lowered by 0.02%, with most changes across lower LTV bandings for loans above £100,000. Headline rates now start from 0.83%.
The product is available on loans between £26,000 and £5m, against residential, commercial and semi-commercial properties.
Further, Together has reduced rates across its regulated first charge retention products for existing borrowers. The two-year fixed rate up to 65% LTV has been cut by 0.55% to 7.85% and the five-year fixed rate have been cut by 0.24% to 7.75%.
Tanya Elmaz, managing director of intermediary sales at Together, said: “In a market where certainty, speed and flexibility are key, these latest changes demonstrate our ongoing commitment to supporting brokers and their clients.
“By reducing rates across both our unregulated bridging and regulated first charge retention products, we’re improving affordability and ensuring our offering remains competitive and relevant.
“Our focus remains on being a dependable long-term partner, providing clear pricing, flexible lending and the confidence brokers need to deliver the best possible outcomes for their customers.”
