Virgin Money has reduced rates on product transfers and buy-to-let (BTL) product transfers by up 0.15%.

For product transfer products, selected two-year fixes will be lowered by up to 0.08%, selected five-year fixes will be cut by as much as 0.12% and selected 10-year fixes will be trimmed by up to 0.09%.

Selected BTL product transfer rates have also been reduced, including two-year rates, which have gone down by up to 0.14%, three-year rates, which are up to 0.15% lower and five-year rates, which have been reduced by as much as 0.15%.

In addition, Nationwide will lower prices across its switcher range by up to 0.12%

The new rates, across two, five and ten-year fixed rate products, will be effective from tomorrow.

Switcher rates, which are for existing Nationwide customers coming to the end of their current mortgage deal, start from 4.56%. The new rates include a two-year fixed rate at 60% LTV with a £999 fee, which is 0.0% lower at 4.56%.

The lender’s five-year fixed rate at 60% LTV with a £999 fee is now 4.59%, down by 0.10% and a five-year fixed rate at 75% LTV with no fee is now 4.83% after being reduced by 0.12%.

Earlier today, CHL Mortgages announced it has launched limited edition products and reduced rates by 30 basis points across its short-term let range.

Elsewhere, HSBC scheduled wide-ranging rate cuts across both residential and buy-to-let product ranges tomorrow.

Meanwhile, Foundation has announced it will withdraw the majority of its BTL products tomorrow with new rates being launched on Thursday and YBS Commercial will trim some of its prices by up to 0.15%.