Product transfer and Retrofit Boost rates have seen some of the largest rises.

Affected products include remortgage, Fix and Switch, Retrofit Boost and product transfers.

All new business and product transfer fixed rates will reduce by up to 0.36%.

The Society will pay a 0.35% procuration fee on all eligible transfers.

Remortgage, buy-to-let and product transfer rates are among those affected.

Rates have reduced by up to 0.25%.

The lender’s new PT Plus range mirrors the rates offered in its existing product transfer range.

Product transfer and further advance products have reduced by up to 0.92%, with remortgage rates also seeing significant cuts.