The rate reductions follow the launch of the society's new first-time buyer range

Rates have dropped by up to 0.20% across the bank’s Near Prime range and by up to 0.15% across its Prime range.

The lender has adjusted its rates following positive news with swaps

The rate reductions come amid the launch of a new streamlined range of residential products.

Speculation is growing that a rate cut may not happen until September.

The society has cut rates by up to 0.20 percentage points across a raft of its mortgage products.

The three new products come alongside a repricing of residential mortgages.

The society has announced a number of rate reductions as well as withdrawing two 3-year products as it continues to adapt its offering to market demand.

Tom Bill, head of UK residential research at Knight Frank, looks at the likely impact felt by borrowers coming off fixed-rate deals agreed some time ago on better terms.

Interest rates have been held by the Bank of England at 5.25% since August 2023, with predictions mounting that they will finally begin to fall later this year.