Halifax is set to sharply cut rates on some of its fixed mortgage deals, potentially easing pressure on some homeowners.
The UK’s biggest mortgage lender will reduce rates by up to 0.71 percentage points from Friday, with a five-year fixed deal priced at 5.39% from 6.10%.
Other lenders such as HSBC, Nationwide and TSB have cut some rates.
Mortgage costs have risen as the Bank of England has pushed up interest rates in a bid to tame soaring prices.
Halifax will cut rates across a range of products, with smaller reductions on two-year fixed deals and some aimed at first-time buyers.