Variable rates have reduced on LTVs up to 95% across purchase and remortgage products.

The reductions cover the lenders' SVR and buy-to-let variable rates.

Tom Denman-Molloy, intermediary sales manager at Mansfield Building Society, says opting for a variable rate mortgage could be a smart choice for borrowers seeking flexibility.

The lenders are reducing their variable rates by more than the Bank of England's recent 0.25% rate cut.