Skipton Building Society will cut rates across parts of its residential mortgage range from 9am on Tuesday 19 May.

The building society said the changes would apply across selected two-year, three-year and five-year fixed rate products at 90%, 95% and 100% loan-to-value.

Rates have fallen by an average of 0.14%, with the largest reduction at 0.32%.

Jen Lloyd, head of mortgage products and propositions at Skipton, said: “While falling rates offer encouraging signs for the market, a degree of caution remains important. Conditions continue to be volatile amid ongoing global conflicts and broader economic uncertainty.

“The cuts do however bring positive news for both existing homeowners and those looking to get onto or move up the property ladder.

“We know affordability continues to be stretched, so any reduction will be welcomed by borrowers. We’ll continue to keep a close eye on market conditions and respond responsibly where we can to support our customers.”