Reductions to the lender’s residential range of fixed rates include a 0.15% reduction to its 90% two-year fixed rate, for borrowers with 10% upfront, taking the rate down to 2.99%. The deal has no product fee and comes with £300 cashback.

A five-year fixed rate, also at 90% LTV, has been cut by 0.16% to 3.29% and comes with a £995 product fee, £300 cashback for house movers and £500 for first-time buyers. Further cuts have been made to three-year fixed rates.

Buy-to-let cuts

Reductions to its buy-to-let range target landlords with larger deposits or levels of equity, of 25% to 40% of the property’s value.  Its biggest reduction has been made to the two-year fixed rate at 60% LTV which is now available at 2.34% with a product fee of £995 and comes with £750 cashback.

The lender reported a 38% rise in gross mortgage lending in the first nine months to September.