The move comes after the Bank of England recently cut its base rate to 5%.

NatWest has launched the most competitive five-year fixed rate mortgage currently on the market at 3.71%, although borrowers will need a 40% deposit and pay a £1,495 fee.

Barclays has also reintroduced new mortgage products and reduced rates, including a five-year fixed-rate mortgage at 4.05% for those with a 25% deposit and no product fee. HSBC has also cut rates across its range, with its lowest five-year fixed rate mortgage now available at 3.84%.

The average two-year fixed homeowner mortgage rate currently stands at 5.55%, while the average five-year fixed residential mortgage rate is 5.19%.

Rachel Springall, a finance expert at Moneyfacts, said: “The mortgage market was much calmer for rate re-pricing last week, but some of the biggest lenders in the country have since sprung into action.

“Any volatility in swap rates (which lenders use to price their mortgages) takes a couple of weeks to trickle through the market, so it’s positive to see some of the biggest lenders improving deals this week. It is essential consumers seek advice to navigate the mortgage maze.”