RBSIP cuts rates across board

However the three-year First Active discount rate remortgages will increase to 5.99 per cent, with a £799 arrangement fee.

All RBS purchase products will also increase, with trackers ranging from 5.90 per cent to 6.85 per cent.

Buy-to-let discount trackers from NatWest and lifetime trackers will increase to rates starting at 5.69 per cent.

Effective from Thursday 31 January, all other rates will be dropped.

First Active products will start at 5.60 per cent for remortgages, whilst RBS purchase product rates will start at 5.54 for a five-year fix.

NatWest buy-to-let products will also decrease. New rates begin at 5.50 per cent and go up to 6.99 per cent.