It comes ahead of an expected fall to the base rate when the Bank of England’s Monetary Policy Committee (MPC) meet on Thursday.
Its five-year fixed rate will drop from 4.42 per cent to 4.36 per cent. This is for those with 25 per cent deposit or equity.
Santander, TSB and Co-Op have also all cut rates in the past week.
Fluctuations have been a result of increasing swap rates – a reflection of market expectations for the future interest rates set by the Bank of England – which impact mortgage rates.
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Read MoreIt comes as the Bank is predicted to cut rates from 4.75 per cent to 4.5 per cent.
However, those on fixed rates, which are typically cheaper, will have to wait for their deal to end before renewing on to another rate.
Aaron Strutt of brokers Trinity Financial said: “We could see more rate reductions soon, especially if the Bank of England base rate comes down. It should be an interesting week.”
Justin Moy of EHF Mortgages said: “The rate cuts are waiver thin for most lenders, some less than 0.05 per cent, so whilst the sentiment is positive, the cuts are very small.”
He said: “While Swap rates, which underpin the pricing of fixed-rate mortgages, have been pretty volatile in recent months, the trend has been largely downwards from their peak around Christmas.
“The ‘big six’ lenders do the bulk of lending but are more sensitive to pricing, particularly among their peers, and keen not to be overly competitive, which may impact service levels.
For anyone nearing the end of a fixed-rate term or considering a new mortgage deal, brokers say it is vital to act quickly.
Securing a fixed rate now, even if rates feel high compared to previous years, could offer valuable protection against potential further increases in the coming months.
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