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The lender has unveiled a five-year fixed rate at 3.94% with a £999 fee for purchases, while it also has a remortgage rate at 3.89% 

Meanwhile, Barclays has reduced its two-year fixed rate purhcase mortgage from 4.62% to 4.17% with an £899 fee.

Buyers will need a 40% deposit for the home loans.

Commenting on the Newspage website, Michelle Lawson, director at Lawson Financial, said: Lenders are coming into 2024 strongly as expected. Expect more falls to come as stability returns. This will hopefully further stimulate competition in the mortgage market, which in turn will boost the property market.