The lender has also reduced rates by 20 basis points across selected two and three-year fixed rate products.

The average interest rate paid on new mortgages fell for the first time since November 2021.

Mortgage rates have reduced by up to 0.30%.

The Mortgage Works has also announced further reductions to its switcher rates.

A worker on a salary of £30,000 would save £7,405 in interest while those earning between £60,000 and £100,000 could save £15,093.

Nomo launched in the UK in February 2023 as the first digital Sharia-compliant cross-border bank.

The Bank is also expanding its SME lending team with a new director and relationship managers.

The largest reduction is to a two-year fixed rate green LTV Boost product.

The lender is increasing default limits and reducing its missed payment policy.

L&G Home Finance has also simplified product names to help customers understand the best solution for their needs.