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Two-year swap rates are at 5.25percent today, compared to 5.47percent at the end of last week. Coventry building society is cutting the cost of a range of its residential and buy-to-let fixed rate deals from Friday . Deals for homebuyers will be cut by up to 0.18 percentage points, while fixed rates for purchase under shared equity schemes are set to be cut by up to 0.28 percentage points.

  • Elsewhere, Virgin Money has also reduced its fixed rates by up to 0.93 percentage points.
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Fee-free two-year fixed rates start from 4.49percent (both deals are at 60percent LTV). Residential lifetime tracker rate deals are being reduced by up to 0.3 percentage points. Bucking the trend of increased rates, TSB is reducing the cost of selected two and five-year fixed rate mortgages and some tracker loans by up to 0.4 percentage points from tomorrow . The rate falls will apply on remortgage, house purchase and product transfer deals and also on some buy-to-let mortgages.

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Its five-year fixed rates for product transfer are cut by up to 0.15 percentage points, while 10-year fixed rates are cut by up to 0.25 percentage points. Nationwide building society and TSB have both cut selected residential fixed rates, effective today, with Nationwide offering a five-year fixed-rate deal for purchase at sub-5percent, writes Jo Thornhill. Nationwide building society has cut its two- and five-year fixed rates for remortgage and will offer a market-leading five-year deal for new customers, effective from tomorrow , writes Jo Thornhill. Aldermore has cut its fixed rate mortgage deals for existing customers looking to switch.

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But while a range of deals will see a rate rise from tomorrow, Barclays has also cut the rates on two of its five-year fixed rate purchase deals at 85percent loan to value. The deal with a 999 product fee falls from 4.78percent to 4.73percent, while the fee-free equivalent deal has been cut from 4.95percent to 4.9percent. The bank, the fourth largest mortgage lender, has cut its five-year fixed rate with a 999 fee for home purchase from 4.38percent to 4.28percent, for buyers with at least a 40percent cash deposit (60percent loan to value).

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Among its buy-to-let rate changes, HSBC is offering a five-year fixed rate for remortgage (60percent LTV) at 5.02percent with a 1,999 fee. HSBC has launched lower fixed-rate deals following cuts of up to 0.35 percentage points across its mortgage range. Nationwide is also cutting product switcher rates for existing customers looking for a new deal by up to 0.15 percentage points. Coventry building society is cutting rates across its mortgage range again from tomorrow . Barclays will also offer a fee-free five-year fixed rate for home purchase at 4.7percent (75percent loan to value) and a five-year fix at 4.95percent (90percent LTV) with a 999 fee. TSB is also cutting rates for a range of mortgage products with a two-year fixed term, again from tomorrow.