Residential remortgage and product transfer rates have seen the largest reductions.

The decision will enable customers to borrow up to £35,000 more.

The lender has reduced rates by up to 0.15% but increased other rates across its purchase and remortgage ranges.

The changes could enable landlords to borrow more when buying or remortgaging a buy-to-let property.

The bank says this is due to a recent increase in five-year market swap rates. 

There are a total of six 3.99% mortgage products now available on the market.

The bank is also pledging no dual pricing and improving its product transfer process.

The bank is also temporarily withdrawing its green remortgage range for residential and buy-to-let customers.

The news of Vereker's departure has fuelled more speculation over Santander UK's future plans.

The bank plans to refocus on its core strengths in Asia and the Middle East.