Precise has reduced rates across its entire residential range, including its five-year fixed product, which has been reduced by 60 bps. The range has also been refreshed with increased affordability options. Changes include the five-year fix now starting from 5.29%, while two-year fixed rates start from 5.69% with reduced reversion rate, helping to further increase customers’ borrowing capacity. The lender’s one-year fixed rate now starts from 5.69%, also with reduced reversion rate, while its lifetime trackers start from 6.64%, now with a fixed fee of £995.

April Mortgages has reduced interest rates across its range of five- to 15-year fixed rate mortgages, in order to simplify its range. Rates across its five-, 10- and 15-year fixed rate mortgages have been cut by up to 0.10%, with five-year fixes starting from 4.80%, 10-year products starting from 4.85% and 4.95% for the 15-year products. April’s fixed rate products are designed so that they become even better value as the borrower drops into lower LTV bands, for example as a result of their monthly repayments or through house price growth. As this happens, the fixed rate is automatically reduced, providing borrowers with greater security.

first direct has announced cuts of up to 0.30% across its entire range of two-, three- and five-year fixed rate products and has also launched three new products priced at 3.89%. The 3.89% rate is available on the five-year standard fix at 60% LTV, and is available to first-time buyers, home movers and existing customers looking to switch. Rate cuts have been applied to over 100 products, with most mortgage now starting under 5%. The biggest rate reduction has been made on first direct’s three-year fixed standard, which is available to first-time buyers, home movers and existing customers looking to refinance. In the five-year fixed range, the most significant rate cut was 0.23%, but all products up to 75% LTV available to first-time buyers, switchers and home movers were cut by at least 0.20%.

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