Gen H has cut prices on a number of deals and Principality Building Society will reduce product transfer rates by up to 25 basis points tomorrow.
The Gen H cuts came into effect yesterday and were the third round of cuts in three weeks.
The lender lowered the nominal interest rate on its new construction boost by 15 basis points to 6.14%, bringing the effective interest rate to 5.17%.
The product combines an 80% mortgage with a 15% interest-free loan, allowing buyers to purchase a new-build home with a 5% down payment.
Because borrowers only pay interest on the 80% mortgage element, Gen H says the effective interest rate on the full 95% of loans borrowed is 5.17%.
Other cuts yesterday included the two- and three-year fixed rate, reduced by 15 basis points, and the five-year fixed rate to 80% LTV, reduced by 10 basis points.
The five-year fixed interest rate with an LTV of 85% and 90% fell by 5 basis points.
Gen H says the changes reflect falling swap rates.
In the Principality, product transfer rates decrease by 25 basis points based on two-year fixes for residential properties and two-year discount rates at an LTV of 65%.
The two-year fixes for buy-to-let and the discount rates at an LTV of 75% also decrease by 25 basis points.
Five-year fixes for holiday rentals and discount deals with an LTV of 60% and 75% will fall by the same margin.
The lender reduces transfer rates for other products by up to 20 basis points.
Gen H sales and distribution director Sara Palmer says: “We’ve cut rates three times in three weeks, and we’re not done yet. We will continue to pass on the benefit of falling swap rates as long as the market allows it.
“This downward trajectory in interest rates is a relief after a few turbulent months.
“But with almost 1.8 million fixed deals due to be renewed this year, it is important that lenders act quickly to implement interest rate cuts.”