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HSBC and TSB have announced mortgage rate cuts today, with the former confirming slashes of up to 0.1 per cent.

TSB's three and five-year fixed rates on home purchases are reducing by up to 0.1%, while two and three-year fixed rates on remortgaging are reducing by up to 0.05%.

Its buy to let mortgages are also being reduced by up to 0.05%.

HSBC won't confirm how much it is reducing its rates by until tomorrow.

Emma Jones, Managing Director at Whenthebanksaysno.co.uk , said: “Lenders cutting while swaps rates have edged up says one thing: they are keen to get lending. Borrowers should take note.

"After last week's pre-Budget Rachel Reeves speech, there is every chance this month could end on a very bleak note and rates could end up rising once again.”

Babek Ismayil, CEO

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