The lender has cut rates on two-year fixed-rate residential products by up to 0.6% and those on two and three-year fixed-rate buy-to-let mortgages by up to 0.4%.

Aldermore managing director of residential mortgages Charles Haresnape (pictured) said: “As lender competition intensifies, so we want to ensure that our residential and buy-to-let mortgage pricing remains as keen as possible.

“The recent lending figures published by the Bank of England confirm that although the number of loans for house purchase have fallen slightly, remortgaging showed a 4% increase in February, which suggests that borrowers may be looking to lock into low rates before an inevitable rate increase at some point in the future.

“Our lower rates and non-reliance on credit scoring may encourage borrowers to make that move sooner rather than later.”

The bank has also cut rates on its three-year fixed-rate residential mortgage and on its two-year discount buy-to-let products.