Virgin Money has become the latest to cut mortgage rates, with both residential and buy-to-let rates down.
It has also added a 60 per cent loan-to-value (LTV) tier for residential mortgage customers, as part of changes which came o line last Friday (August 3).
The 60% LTV fixed rates will be available to both purchase and remortgage customers at 2.99 per cent with a product fee, or 3.39 per cent with no product fee.
Rate reductions have been made on two year fixed rates across LTV tiers from 70 per cent to 90 per cent, with the 70 per cent LTV two year fixed rate reduced to 3.19 per cent, with a product fee, and rates at 80 per cent, 85 per cent and 90 pent cut by up to 0.20 percentage points.
Additionally, three year fixed rates will fall to 3.49 per cent at up to 70 per cent LTV, with a product fee, and five year fixes will reduce to 3.59 per cent up to 70 per cent LTV, and 3.79 per cent up to 75 per cent LTV, both with product fees.
Virgin Money has also reduced buy-to-let fixed rate loans by up to 0.41 percentage points, and will be available from 3.99 per cent for two years, 4.39 per cent for 3 years or 4.59 per cent for 5 years.
The new mortgage products are offered by Northern Rock and are available through registered mortgage intermediaries as well as online, over the phone and through the nationwide network of stores.
