It has also launched a two-year fixed product with a rate of 0.9 per cent. Both of these products come with a £1,499 fee.

The lender will also bring out a two-year fixed rate with a £999 fee with a rate of 0.91 per cent, and its five-year fixed rate with the same fee will have a rate of one per cent.

All the above products are exclusive to borrowers who are remortgaging, with a deposit of 40 per cent. They are all available on loans between £25,000 and £1m.

The lender is the latest in recent months to bring out sub-one per cent deals, with Nationwide introducing a five-year fixed rate mortgage product in July. It is available at 60 per cent loan-to-value (LTV) and is eligible for those moving house and remortgaging.

TSB also launched a sub-one per cent product with a rate of 0.99 per cent in June, whilst HSBC launched its lowest-ever fixed rate of 0.94 per cent.

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