Major banks are stepping up the battle for borrowers with a fresh round of mortgage rate cuts , as Santander launches the cheapest two-year fix at 3.55 per cent.

Alongside falling headline rates, brokers say lenders are now engaged not just in a mortgage price war , but also a fight over lending criteria to attract active buyers in the market.

Santander has launched the lowest rate available, offering a two-year fixed deal at a rate of 3.55 per cent for those moving home with equity of 40 per cent or more. New Feature

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It has also reduced fixed rates across its residential and buy-to-let new business and product transfer ranges by up to 0.29 percentage points.

Three-year fixes start at 3.6 per cent and five-year fixes come from 3.7

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