New rates from Santander

The lender will now be offering 2-year fixed rates for up to 75% loan to value from 2.74%, 3-year fixed rates for up to 70% LTV from 2.59% and a 5-year fixed for up to 80% LTV at 3.74%.

Phil Cliff, director of Santander Mortgages, said: "Santander is committed to providing attractive deals to those buying a home.

“Whether they're a first time purchaser or moving for the last time looking to avoid product booking fees or for an 80% LTV our range has something for everyone.

“And now with the new 5 year fix for loans of up to 80% LTV we're giving those with a smaller deposit even greater choice."

Other highlights from the cuts include 2-year trackers starting from 2.74% and three exclusive products for second steppers starting at 2.69%.