Mortgage lenders continue to make reductions across some products, including fixed and variable rates, amid greater competition for new business.

A number of lenders have cut rates across their mortgage ranges. This is despite the Bank of England increasing the Bank Rate from 4% to 4.25% last week.

Nationwide building society has reduced rates across its fixed and tracker mortgage range by up to 0.45%; a five-year fix starts at 3.94% (60% LTV).

NatWest has reduced its buy-to-let fixed rates by up to 0.27%, with a five-year fix (75% LTV) starting at 4.62%.

HSBC has cut fixed rates, which at 80% LTV, now starts 4.24%.

Clydesdale Bank, part of Virgin Money, has cut fixed rates on a range of its mortgage deals by up to 0.6%, with two-year fixed rate for remortgage customers starting at 4.74% (80% LTV).

Coventry BS has cut its buy-to-let  fixed rates by up to 1% and residential rates by up to 0.2%; rates (five-year fix) starts at 4.6%.

Steve Cox, chief commercial officer at Fleet Mortgages, commented: “Due to a combination of factors including a softening of swap rates and further movement within the sector, we’ve been able to reduce our fixed-rate pricing across the board by 0.2 percentage points.

“The Budget last week, and in particular the Office for Budget Responsibility’s inflation and interest rate forecasts, appear to have added a further layer of calm to market sentiment, with the belief that rates will now peak at a lower level than previously feared. It means we’ve been able to review our pricing and cut it accordingly.”