In the exclusive purchase range, Virgin Money has added a 75% loan-to-value (LTV) five-year fixed rate with a fee of £895 at 4.09% while the fee saver equivalent will be launched at 4.22%.

It has also made cuts within the exclusive purchase range including the 80% LTV exclusive two-year fixed rate fee-saver which has been lowered by 0.08% to 4.44%.

Cuts have also been made to selected shared ownership fixed rates, with reductions of up to 0.17% to start from 4.25%.

In addition, Virgin has reduced BTL rates, including selected two- and five-year fixed rates with a fee of £2,195 which have gone down by as much as 0.15% to start from 4.14%.

Selected two- and five-year fixed rates with a 1% fee will also be trimmed by as much as 0.12% to start from 4.12%.

Elsewhere, product transfer selected five-year BTL rates have been lowered by 0.10% while selected two-year BTL rates will go down by 0.05%.

Meanwhile, Atom bank has cut rates on its prime residential mortgage range.

The rates have been reduced by up to 0.20% across the digital bank’s suite of two-, three- and five-year fixed rates, with the largest cuts applied to those at 95% LTV.

Two-year or three-year fixed rates will now start from 5.14%, without a product fee, while five-year fixed rates are available from 5.09%.

Atom bank head of mortgages Richard Harrison says: “We know brokers love our service and speed, so I’m delighted that we have been able to further reduce rates on our Prime mortgages once again.”

“This is particularly important for borrowers with small deposits who may have tighter budgets and do not benefit from the widest range of choice.”

“The fact that our largest reductions apply to products for borrowers with only a 5% deposit shows our commitment to supporting those taking their first step onto the housing ladder, who often need to borrow at higher LTVs.”