Halifax, Leeds Building Society and Kensington are slashing mortgage rates, making it cheaper to buy a home.

This is fantastic news for anyone looking to get on the property ladder or remortgage their existing home.

Halifax is leading the charge with the biggest cuts, with some rates dropping by as much as 0.22 percentage points (that’s 22 basis points in mortgage jargon!). These cuts apply to a range of products including:

• Remortgages: Up to 0.22% off
• Product transfers and further advances: Up to 0.17% off
• Home mover and first-time buyer mortgages: Up to 0.15% off

Leeds Building Society is also getting in on the action, following up on Wednesday’s cuts to buy-to-let mortgages with further reductions for residential mortgages:

• Existing customers: Up to 0.13% off selected two, three and five-year fixed rates.
• New customers: Up to 0.11% off selected two-year fixed rates.

Kensington Mortgages is also cutting rates tomorrow, although the exact details are still under wraps. You can find the latest information on the Kensington Mortgages website.

These lenders are joining a growing list of banks and building societies reducing their mortgage rates. Just this week, NatWest, TSB, Accord, Clydesdale and Bank of Ireland have all announced similar cuts.

This is a positive sign for the housing market, and could make it easier for people to get a mortgage. So, if you’re thinking about buying a home or remortgaging, now might be a good time to start shopping around for the best deal.