Purchase rates have been lowered by up to 0.20% on 10-year fixe rates, alongside cuts of 0.15% on two-year fixed rates, reductions of up to 0.10% on five-year fixed rates and trimmed prices on shared ownership fixes by as much as 0.10%.

Remortgage two- and five-year fixes have also been reduced by up to 0.19% and 0.16% respectively.

In addition, product transfer selected two-year fixes have been cut by as much as 0.14%, selected three-year fixes have been trimmed by up to 0.06% an selected five-year fixes are now as much as 0.07% lower.

Buy-to-let (BTL) product transfer selected two-, three- and five-year fixed rates have been cut by up to 0.15%.

Commenting on the new rates, Trinity Financial product and communications director Aaron Strutt says: “Virgin has kicked off the week with rate cuts, but Coventry has also just launched some really good deals.”

“The building society has a best buy 4.24% two-year fix, a 4.44% three year fix and NatWest and Coventry have 4.34% five-year fixes. These two and five year fixes are only beaten or just matched by Nationwide and it’s £1,499 fee options for mortgages.”

“When Coventry undercuts pretty much the whole market with the best mortgage deals, their rates often don’t tend to stay around for long because the lender gets a lot of applications.”

“There is a fair chance we will get more rate cuts this week as we edge closer to the illusive sub-4% fixed rate. It is interesting that two, three and five-year fixes are so close together now.”

“More of the lenders are offering their fixes with very similar pricing and while the shorter term fixes and trackers are the most popular products, home buyers may be tempted to take a five-year fix if the pricing is almost the same.”

Yesterday, Newcastle for Intermediaries also announced it would be making changes to its existing customer mortgage products, which included a number of withdrawals.