Shawbrook says the move brings greater simplicity, faster access to expertise and more choice for brokers and clients.

Rates now start from 0.75% per month.

The lender has reduced rates across its range by up to 0.21%.

However, industry experts believe mortgage rates may remain stubbornly high.

All funds raised raised on the night will be donated to the Niall Stringer Foundation.

Rates at 85% LTV and above will see reductions up to 25 bps.

The latest changes see rates cut by up to 0.10%.

Ben Thompson, deputy CEO at Mortgage Advice Bureau, reflects on the outcome of Spring Statement and the need for more concrete support for aspiring buyers.

A typical household could potentially borrow £38,000 more.

Two and three-year fixed rates now start at 4.99%.