Accord Mortgages has cut rates on a broad range of residential products, with some reductions of up to 0.40% on purchase and remortgage deals.

The most significant changes are to two-year fixed rates, which are down by as much as 0.40%. Three-year fixes have been cut by up to 0.34%, five-year fixes by 0.18%, and two-year trackers by up to 0.23%.

Alongside the cuts, the lender has made modest increases on a small number of products to reflect market conditions. These include rises of up to 0.15% on some two-year fixes, 0.17% on five-year fixes and 0.10% on 10-year fixes.

Notable products in the new range include a three-year fixed rate for purchasers at 4.49%, down from 4.69%, available up to 90% loan-to-value with a £495 fee, free standard valuation and £300 cashback.

For remortgagers, a two-year fixed rate at 4.45% – previously 4.55% – is available up to 80% LTV with a £495 fee, £500 cashback and a free valuation.

Other revised options include a three-year fixed remortgage rate at 4.23% (down from 4.28%) up to 75% LTV, a fee-free two-year fixed remortgage rate at 4.40% (down from 4.66%) and a two-year fixed purchase rate at 4.75% (down from 4.91%) up to 90% LTV.

Aidan Smith, mortgage product manager at Yorkshire Building Society, said: “Maximising value for our borrowers is always our primary goal and so we’re delighted to be able to make these latest mortgage rate reductions.

“Although not the only thing that drives mortgage interest rates, the Bank of England’s recent decision to reduce its base rate from 4.25% to 4.00% has opened up fresh opportunities within the market for lenders like us; and we’ll certainly be keeping a lookout for more over the coming weeks.”