New products and rates launched

Some of the changes include a new three-year stepped discounted rate, with an initial starting rate of 4.35 per cent, and new one and two-year fixed rates, with rates starting from 4.60 per cent.

Britannia has announced that it will be reducing its standard variable mortgage rate to 6.19 per cent with effect from 1 November.

In addition, Pink Home Loans has launched a flexible tracker which is funded by First National Mortgage Company. The initial rate is 5.74 per cent, which is the bank base rate plus 1.24 per cent. There are no redemptions fees and the loan is available up to £250,000, depending on the loan to value.