Skipton Building Society is cutting rates across parts of its residential mortgage range from 9am on Monday 13 April, while also bringing back mid-fee products and re-entering the three-year fixed market.

The mutual said the changes cover its two-year and five-year fixed residential products, with rates reduced by an average of 0.13% and the largest cut amounting to 0.21%.

Skipton is also reintroducing mid-fee options across its two-year and five-year fixed residential ranges. In addition, it is relaunching its three-year fixed residential products, marking a return to that part of the market.

The move comes as lenders continue to adjust pricing in response to changes in swap rates, although there remains uncertainty over whether recent improvements in funding markets will prove durable.

Jen Lloyd, head of mortgage products and propositions at Skipton, said: “Falling rates are clearly a positive development for many homeowners and prospective buyers.

“Recent easing in swap rates has allowed us to reflect that in our mortgage pricing, and we’re pleased to be able pass on these reductions today.

“However, a degree of cautious optimism is still needed.

“Market conditions remain highly volatile and it’s too early to say whether this marks a sustained shift given ongoing global uncertainties, but we’ll continue to monitor developments closely and respond where we can.”