Virgin Money‘s fixed rate changes come into force from 29 August.

Within its purchase range, two- and five-year deals with a £995 fee and £300 cashback at 85% and 90% loan to value (LTV) have been lowered by up to 0.2%.

This includes its two-year fixed rate at 85% LTV, which has decreased by 0.2% to 4.74%. Its five-year equivalent has fallen by 4.34%.

Virgin Money’s purchase fee-saver products with £300 cashback from 85% to 95% LTV will fall by up to 0.28%. An example is its five-year fixed rate at 90% LTV, which will go down by 0.28% to 4.72%.

Its exclusive purchase deals at 80% and 90% LTV, including the £895 fee, fee-saver and professional deals, with £300 cashback will also fall by around 0.28%. This includes its five-year professional fee-saver product, which will decrease by 0.28% to 4.71%.

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Select shared ownership rates will be reduced by up to 0.24%, with pricing starting from 4.29%.

Within its exclusive remortgage range, products at 80% LTV will fall by up to 0.09%, and rates begin from 4.52%.

Select Own New rates will be reduced by up to 0.2%, with rates starting from 0.45%, while select Retrofit Boost rates will be cut by up to 0.2%, with rates beginning from 4.29%.

Buy-to-let (BTL) rates with a £2,195 fee will fall by up to 0.14%, with rates starting from 4.17%, while deals with a 1% fee will decrease by around 0.07%, with pricing beginning from 4.34%.

Select BTL rates with 3% fee will be reduced by up to 0.02%, with rates starting from 3.88%. Select BTL rates with a £995 fee will fall by around 0.12%, with pricing starting from 4.44%.

Product transfer offerings at 65% and 75% LTV will decrease by around 0.15% and rates begin from 3.94%.

Select BTL product transfer rates will be reduced by up to 0.12%, with rates starting from 4.15%.

Virgin Money previously lowered mortgage rates last week.

MPowered Mortgages cuts fixed rate purchase and remortgage deals

MPowered Mortgages has lowered mortgage rates for the fourth time this month, with purchase and remortgage deals the focus of cuts.

The lender has lowered core rates for its two-, three- and five-year deals.

For instance, its two-year fixed purchase rate with a £999 fee from 60% to 80% LTV starts from 4.57%.

Its three-year fixed purchase rate with a £999 fee from 65% to 85% has also been lowered.

For remortgages, with fee-free deals, five-year 60% LTVs with a legal fee-saver start from 4.3%.

Stuart Cheetham, CEO of MPowered Mortgages, said: “The UK mortgage market remains incredibly competitive, all of which is fantastic news for borrowers. At MPowered, this is the fourth consecutive week that we have reduced our rates, with rates coming down by up to 0.36% over the past month. Our focus remains on providing value across the LTV range by pricing at 5% LTV intervals.

“Looking ahead, overall, we don’t expect any significant changes in mortgage rates in the short term, given that a September cut in bank base rate [BBR] now seems unlikely and future potential cuts are already priced into the swap curve. However, this market is nothing but unpredictable.”