Leeds Building Society and Halifax have announced a raft of mortgage rate cuts in “great news” for homeowners heading into the new year.

For existing customers, Leeds Building Society has cut fixed residential interest rates by up to 0.24%, and selected Interest Only rates will drop by up to 0.15%.

New customers can also benefit, with Residential and Reach fixed rates decreasing by up to 0.21% and Interest Only rates by up to 0.15%.

The reductions follow closely after Halifax’s recent cuts,…