Other products that have been affected by the changes include ten-year fixed rate mortgages and a special three-year deal.
Martijn van der Heijden, head of mortgages at HSBC, said: "With the cost of funding fixed rate mortgages falling over the last few weeks, we are passing on this benefit to our customers and doing all we can to keep the cost of borrowing down."
He added that the reductions could save some borrowers around £500 a year.
Recent research from Nationwide found that the price of property in the UK fell by 1.9 per cent during August compared to the previous month
The average cost of a home now stands at around £164,654.
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