Virgin Money has lowered rates across product transfer, buy-to-let (BTL) and exclusive purchase products, effective tomorrow (3 July).

Selected product transfer 65% loan-to-value (LTV) two-, three- and five-year fixed rates have been reduced by up to 0.11%, starting from 3.86%.

Product transfer BTL fixed rates have also be cut by 0.08% to start from 3.77%.

In addition, the exclusive purchase 75% LTV five-year fixed rate with £895 fee has been reduced by up to 0.05%, to 4.09%, while 80% LTV two- and five-year fixed rates have been trimmed by up to 0.05%, starting from 4.10%.

The 85% LTV five-year fixed rate with £895 fee has gone down by 0.05%, to 4.19%.

Rates in the lender’s BTL range have also been lowered.

These include selected two- and five-year fixed rates with 3% fee which have been reduced by up to 0.04%, starting from 2.98% and selected two- and five-year fixed rates with 1% fee which have been cut by 0.08%, starting from 3.93%.

The two- and five-year fixed rates with £2,195 fee have also gone down by up to 0.08%, starting from 3.92%.

Elsewhere, The Mortgage Works (TMW) has reduced selected BTL rates for new and existing customers by up to 0.35%.

The new rates will now start from 2.79%.

Rate reductions for new business include the BTL two-year fixed rate (remortgage only) with a 3% fee, available up to 65% LTV, which has been lowered by 0.10% to 2.99%.

It has also cut the price of its BTL five-year fixed rate (remortgage only) with a 3% fee, available up to 75% LTV, by 0.07% to 3,82%.

Both of these products come with free valuation and free legals.

The rate of the limited company BTL five-year fixed rate (purchase, remortgage and further advance) with a 3% fee, available up to 75% LTV has gone down by 0.07% to 4.67%. This comes with a free valuation.

The HMO BTL two-year fixed rate (purchase, remortgage and further advance) with a £1,495 fee, available up to 75% LTV has been reduced by 0.35% to 5.49%.

Rate reductions on switcher products include the BTL two-year fixed rate with a 3% fee, available up to 65% LTV, which is now 2.99% after being cut by 0.15%.

The BTL two-year fixed rate with £1,495 fee, available up to 65% LTV has gone down by 0.06% to 4.12% and the limited company BTL two-year fixed rate with a 3% fee available up to 75% LTV has been lowered to 4.14% after being reduced by 0.30%.

The Mortgage Works senior manager Joe Avarne says: “We are pleased to announce further rate cuts to demonstrate our ongoing commitment to brokers and landlords. These latest reductions make us one of the most competitive providers of buy-to-let mortgages in the sector.”