Principality Building Society will cut a range of fixed-rate home loans by up to 25 basis points, while MPowered Mortgages trims residential purchase and remortgage prices by 12bps.

The mutual’s rate changes, which come to market on Monday (2 December), include reductions on residential two- and five-year fixes at 90% loan to value by up to 9bps.

Tracker two-year fixes at 85% LTV fall by 25bps, while holiday let two- and five-year fixes at 75% LTV are down by 15bps.

However, its residential mortgage, with cashback, five-year fixes at 90% LTV product rise by 4bps.

Meanwhile, MPowered Mortgages cuts its three-year house purchase and remortgage loans by 12bps, which means that rates for new purchase borrowers start at 4.09% for 60% LTV, with a £999 fee, and 4.27% with no fee.

The firm’s new rates are available from 5.30pm this evening (29 November).

MPowered Mortgages chief executive Stuart Cheetham says: “For anyone remortgaging or purchasing a property near the Christmas period this environment of increasing rates is somewhat unsettling especially when as we know Christmas is for most an expensive time of year, especially given the extra cash needed to fork out for presents for our families and friends. We are one of the few lenders that are reducing rates right now.”