Tesco Bank has cut rates across 18 of its fixed rate mortgages for home purchase and remortgage.

The move includes two five-year fixed rate products which are among the market leaders.The pair highlighted by the lender are five-year fee-free remortgage loans available up to 60% and 80% of the property’s value at 1.88% and 2.18% respectively.

In all 18 rates have been cut across two-, three-, and five-year fixed term products ranging from 60% to 90% LTV.

The two-year fixed rates are reduced by a up to 0.29%, the three-year fix by up to 0.09% and the five-year fix by up to 0.37%.

The loans are either fee-free or have a fee of £995.

Tesco Bank managing director David McCreadie said: “We are always looking to deliver great value mortgages and so as more customers look to take fixed rate mortgages, I am delighted that we can respond by offering these rates as well as reducing our rates on a selection of our two-year, three-year and five-year products to help customers’ money go that little bit further.”