As a result, selected standard residential fixed rates will be cut by between 0.03 percent and 0.27 percent.

New Build exclusive fixed rates will be reduced by between 0.05 percent and 0.29 percent,, while selected buy-to-let fixed rates will drop by between 0.05 percent and 0.17 percent.

In terms of product transfers, selected residential fixed rates will be reduced by between 0.03 percent and 0.10 percent.

Furthermore, selected buy-to-let fixed mortgage rates will be slashed by up to 0.17 percent.

Mortgage brokers welcomed the news with many suggesting it could lead to similar actions by other lenders.

Ken James, director at Contractor Mortgage Services, broke down why this may be the case.

Speaking to Newspage, he explained: “The domino effect of rate cuts this week continues with Santander following Barclays, Halifax and NatWest.

“It also has the welcome addition of including Product Transfer cuts to the mix, so this will be welcome news to both new and existing customers of Santander.

“This is starting to feel like a watershed moment for some of the big lenders who are fighting for every bit of the market they can get.

“Buyers and sellers will feel encouraged by this latest rate reduction from Santander and it can only be a good thing for the mortgage market as a whole.”

Gary Bush, the director of MortgageShop.com, added: “It’s great to see another heavy-hitting High Street lender re-entering the fixed-rate mortgage price war with further decreases.

“This will definitely keep the competition fires burning and we should expect other big lenders to follow suit shortly.”