The Mortgage Lender (TML) has cut its five-year fixed rate products in Tiers 1-6 by up to 0.71 percentage points.

Its lowest five-year rate is now priced at 3.25%.

There has also been a repricing of the Tiers 7-9 range.

Pete Thomson, The Mortgage Lender’s sales and marketing director, said: “Uncertainty around Brexit and what it will mean for the housing market and interest rates means five-year fixed rates are becoming more popular.

“Reducing our rates makes us more competitive in this segment of the market and will help brokers source competitively priced products for people who don’t traditionally fit the high street.”