The Post Office has announced further cuts to a number of its fixed rate and tracker mortgage products.

This takes five of their two and three-year fixed rate and tracker deals to the top of the mortgage best-buy tables.

Highlights of the new mortgage range include a new two-year tracker mortgage with a rate of 1.94 per cent for borrowers with a 60 per cent loan-to-value (LTV) ratio, which comes with a fee of £995.

Meanwhile, the Post Office’s current two-year tracker with no fee has seen its rate reduced from 2.89 per cent to 2.19 per cent for borrowers with a 25 per cent deposit.

Its two-year fixed rate mortgage deal for 75 per cent LTV borrowers is down from 2.28 per cent to 2.19 per cent and has a £995 fee.

The three-year fixed rate deal has been reduced from 2.45 per cent to 2.38 per cent, also with a £995 fee.

For borrowers with just a 20 per cent deposit, the Post Office has a two-year fixed rate deal available at 2.74 per cent, with a fee of £995.

John Willcock, Head of Post Office Mortgages, said: "The Post Office's latest mortgage rates are our best ever and continue to offer a range of great value deals for potential homebuyers, whatever their situation.

“The rates on many of our products have been significantly reduced, while some are also fee-free. Buyers are on the lookout for good deals and our new rates are right at the top of the best-buy lists.

"The diversity of our range means whether you're a first-time buyer or looking to move, the Post Office can offer you the deal that is best for you.”