Related topic: Mortgage rates

The Society has also reintroduced five-year fixed rate HMO products for UK and expat landlords.

Nationwide’s lowest fixed rate is now 4.19%.

New products include fee-assisted 70% LTV options and an expanded tracker range.

The latest reductions apply across Pepper’s residential, buy-to-let and affordable home ownership ranges.

The reductions strengthen the bank's recently launched core range, with rates now starting from 4.69%.

Average two-year remortgage rates have trebled in ten years, while the average five-year rate has doubled.

Accord has announced a wide range of reductions across its residential range, with all buy-to-let rates reducing by 0.09%.

Those rolling off older mortgage deals could see monthly repayments jump by around £866.

The products provide existing customers with additional options to review their borrowing and raise funds against their portfolios.

Existing customer mortgage rates have seen the largest reductions.