The new rates came into force on Monday 4 May. All customers with a Club Lloyds current account also receive a mortgage rate discount of 0.2%.

The lender has cut a number of two-year fixed rates across these product areas, with rates now starting at 1.24%.

This product is available for first-time buyers with a hefty 40% deposits and has a £995 fee for Club Lloyds customers. This rate is down from 1.34%.

Other first-time buyer rates have been reduced by up to 0.35% while remortgage rates have been cut by 0.1%.

New mortgage rates:

Two-year fixed rate mortgage for first time buyers at 60% LTV reduced to 1.24%

Two-year fixed rate mortgage for first time buyers at 75% LTV reduced to 1.89% with £0 fee for Club Lloyds customers. Previously this rate was 2.09%.

Two-year fixed rate remortgage at 60% LTV reduced to 1.29% with £995 fee for Club Lloyds customers. Previously this was rate was 1.39%.

Two-year fixed rate remortgage at 75% LTV reduced to 2.04% with £0 fee for Club Lloyds customers. Previously this was rate was 2.14%.