Real GDP still remains 0.1% lower in the three months to January than the previous quarter.

The Society has also appointed Rob Hassall, its current chief operating officer, to the board of directors.

Rob was previously head of underwriting at Principality Building Society.

The latest rate cuts follow Gen H's decision to become an intermediary-only lender.

The Society has also enhanced its maximum age limits and maximum loan amount.

The value of new mortgage commitments fell to its lowest level since 2013, excluding the pandemic.

The pricing approach offers customers rates specific to their circumstances.

The bridging lender launched the offer on residential products earlier this month.

Average mortgage rates on two and five-year fixed rate deals rose last month, breaking six months of consecutive cuts.

The range includes a two-year fixed rate and two-year discounted variable rate.