HSBC has dropped rates on two-, three- and five-year fixed-rate mortgages, as part of a revamp to its offering.

The lender has sliced up to 0.15 per cent off 34 different deals, including fee-paying and fee-free products.

It means the bank now offers a five-year fix at 3.1 per cent at 95 per cent loan to value (LTV), and 2.34 per cent at 90 per cent LTV, fee-free.

There is also a two-year fixed-rate of 1.54 per cent at 85 per cent LTV with a £999 fee.

HSBC UK’s head of buying a home Michelle Andrews, said: “We are delighted to have reduced the interest rates on 34 of our mortgages today.

“We hope our award winning products and high service standards make getting onto or moving up the property ladder more affordable, as well as giving stability and value to those looking to remortgage or come off a variable rate.”

Earlier this week, HSBC competitor NatWest also reduced some of its mortgage rates.