Higher-LTV residential rates have seen some of the largest rate cuts.

Two-year fixed rates have reduced by 20bps and five-year fixes by between 20 and 36bps.

Mortgage and rental spending grows 2.0%, but consumer confidence remains unchanged.

The lender has reduced rates at 90% and 95% LTV.

A number of the reductions are specifically aimed at supporting first-time buyers and come with £500 cashback.

Nationwide also reducing selected rates for new and existing customers looking to move home.

Rates now start from 3.49%.

The lender has enhanced its second charge offering with desktop valuations and digital applications.

Reductions include Pepper's limited edition remortgage only offer.

High-LTV residential rates are among the latest reductions.