Nationwide and Virgin Money will be cutting rates by up to 19bps on residential and buy-to-let mortgages.

For Nationwide, the 19bps cut applies to existing Nationwide customers coming to the end of their current mortgage deal, specifically a three-year fixed rate at 75% LTV with no fee, now 4.19%.

The lender is also cutting rates across a range of two, three and five-year fixed rate mortgages.

Other notable mortgage rate cuts include a three-year fixed rate at 75% for remortgagors, with no fee, which is now 4.24% after a 14bps price reduction.

A similar 14bps cut has been made to a five-year fixed rate at 75% LTV with no fee for home movers, now 3.99%.

The lender’s lowest rate now stands at 3.60% and is available to new and existing customers looking to move home and taking out a two-year fixed rate product at 60% LTV with a £1,499 fee.

The new rates apply from 28 November.

Nationwide head of mortgage products Carlo Pileggi said: “We’re making rate cuts across our mortgage range, which should be welcome news to all types of borrowers. So, whether it’s a first-time buyer, home mover or someone looking to remortgage or switch their existing deal, Nationwide should continue to remain front of mind through its competitively priced products.”

Last week Nationwide reported lower half-year pre-tax profits, of £486 million, after a mortgage lending dip and administrative costs from buying Virgin Money.

Virgin Money will also be making a slew of rate cuts from 28 November.

These include a 19bps cut to selected three-year fixed rates for product transfer, which will start from 3.84%.

Virgin Money is also cutting buy-to-let rates by up to 17bps, for its 75% LTV two-year fixed rate with a 3% fee, which will be reduced to 2.87%.