Clydesdale and Yorkshire banks, Santander and Virgin Money have all cut rates on products across their respective ranges.

Santander has reduced a number of products for borrowers with small deposits. The main change is the cut to its two-year fixed rate Help to Buy mortgage

This product is now available at 4.49%, a reduction of 0.4%, for customers with a 5% deposit.

Santander is also offering a fee-free 90% loan-to-value two-year fix at 3.69%.

Miguel Sard, head of Santander Mortgages, said the firm was targeting first-time buyers and those with smaller deposits.

“We know that taking that first step towards purchasing a property can be difficult, and for those people that have managed it, climbing up the property ladder can also be tough,” he said.

“We hope these high LTV products and reduced rates will go towards helping people secure their ideal home.

“For customers who want a high LTV product, these now come with free valuation and don’t have a booking fee, it’s another way we hope to support our customers and provide them with the best mortgage deal.”

Elsewhere, Virgin Money has launched a two-year fix at 3.45% for borrowers with a 10% deposit. An 85% loan-to-value equivalent is available at 2.39%, subject to a £995 product fee.

Clydesdale and Yorkshire banks have launched a £1,000 cashback offer for homebuyers across a range of fixed and variable rate mortgages.

Steve Fletcher, head of Clydesdale and Yorkshire banks retail network, said: “Following the success of the last offer we are delighted to once again be offering £1,000 cashback on selected mortgages. This £1,000 cashback offer and the new rates are clear examples of support for homebuyers, whether they are looking to buy their first home or take the step to the next rung.”