The average five-year fixed rate rose by 0.02% as swap rates continue to rise.

The Society has reintroduced a 60% LTV tier as part of the product launch.

The lender has passed on the full Bank Base Rate reduction plus an additional 0.50% cut.

The swaps market has been rising since mid-September.

Affected products include remortgage, Fix and Switch, Retrofit Boost and product transfers.

Sam Oliver, founder of AI platform OpenFi, says that as the rate war intensifies, smaller and more agile brokers will need to embrace new technology to compete.

All new business and product transfer fixed rates will reduce by up to 0.36%.

Average rates across all LTVs are now as much as 2% lower than after the mini-budget.

Residential rates now start from 4.14%.

Two-year fixed rates now start from 3.69% at 65% LTV.