HSBC and Leeds Building Society are the latest lenders to announce interest rate cuts.
HSBC will cut prices across its range tomorrow, but will not give brokers any advance warning of the extent to which rates will fall.
Leeds Building Society will also reduce rates on a number of products tomorrow.
Again, the lender is not disclosing the extent of the discounts, but the new product guide is already available on the intermediary’s website for brokers to check.
The cuts at Leeds come after it cut a number of other interest rates by up to 17 basis points today.
Nottingham Building Society announced yesterday that it would also cut interest rates by up to 20 basis points tomorrow.
Santander, TSB and Atom are among the other lenders cutting rates this week.
John Charcol, technical mortgage manager Nicholas Mendes, said: “It is another positive step, and probably the clearest sign yet that lender confidence is starting to return.
“What gives this move some weight is that HSBC is one of the largest lenders.
“When a lender of that size starts repricing, it tends to give the broader market a boost and adds to the feeling that this could help trigger further cuts from other big names in the coming days.
“That’s especially encouraging after the volatility of recent weeks, which has seen lenders focus much more on protecting margins and managing risk than on tough price competition.
“It is also a broader move, covering areas such as first-time buyers, relocations, mortgage refinancing and buy to let, making it more meaningful than a small, isolated adjustment to one corner of the range.”