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.