Two of the UK’s largest mortgage lenders have cut their mortgage rates following similar moves by rivals.
Barclays and Santander have both cut rates by about half of a percentage point on various products notably on two-year fixed mortgages.
A two-year fixed with 60% loan to value at Barclays is down from 4.62% to 4.17% while for new customers Santander is cutting rates by up to 0.56% for new customers.
The Spanish bank is offering a 60% LTV five-year fixed rate mortgage will be available at 3.94% while remortgages will be available at a rate of 3.89%.
Graham Sellar, head of business development, mortgages at Santander, said: "We are delighted to help borrowers access cheaper loans with major reductions across our fixed mortgage rates."
Halifax, part of Lloyds, and HSBC have already slashed their mortgage rates this year with some products also now being offered at rates below 4%.