HSBC is the first high-street bank to cut mortgage rates after better than expected inflation figures last week.
The bank said rates across 16 mortgage deals would fall from 26th July, while smaller lenders also announced reductions.
HSBC has cut its standard two-year fixed mortgage rate from 6.24pc to 6.14pc for those re-mortgagingĀ - a drop of 0.1 percent.
Its five-year fixed rate mortgage for those re-mortgaging has fallen to 5.64pc from 5.84pc.
It comes after official figures last week showed inflation eased to a 16-month low of 7.9pc in the year to June. This was down from 8.7pc in May and well below the 8.2pc expected by economists.
Average mortgage rates dipped slightly for the first time since May the day after the figures were released
The Telegraph