Virgin Money will introduce a fresh wave of rate reductions across its residential, buy-to-let and product transfer ranges from Thursday 8 May.

On the residential side, the lender is trimming selected fixed rates by up to 0.20%. Notably, its 95% loan-to-value two-year fixed fee-saver product will fall by 0.15% to 5.09%, while the equivalent five-year deal will drop by 0.09% to 4.94%.

Rates for shared ownership borrowers are also being reduced, with cuts of up to 0.20%, bringing starting rates down to 4.24%.

For purchasers with 80% LTV, exclusive two- and five-year fixed rates will be lowered by up to 0.06%, with pricing from 4.19%.

Reductions are more pronounced in Virgin Money’s buy-to-let range, where selected two- and five-year fixed rates with a 3% fee will fall by up to 0.32%, now starting from 3.09%. Similar products with a 1% fee will see decreases of up to 0.07%, starting from 4.05%, while those with a flat £2,195 fee will be cut by as much as 0.19%, starting from 4.02%.

Buy-to-let customers taking out a two-year fixed deal with a £995 fee will benefit from a 0.05% reduction, with rates from 4.39%. Virgin is also lowering its 75% LTV two-year fixed fee-saver by 0.05%, with new pricing starting from 4.78%.

The lender’s product transfer range is also being revised. Fixed rates at 65% and 75% LTV across two-, three- and five-year terms will be reduced by up to 0.15%. Selected buy-to-let product transfer rates over two and three years will fall by 0.05%.

While new business pricing is coming down, Virgin Money confirmed that its additional borrowing rates for existing customers were increased on Wednesday 7 April. The new variable rate now stands at 5.74% for residential and 6.24% for buy-to-let.

Despite the increase, the lender emphasised the flexibility of its additional borrowing proposition, which includes no early repayment charges or product fees.