Virgin Money will implement a series of rate reductions and product launches across its residential, buy-to-let and product transfer ranges from Thursday 1 May.

Two new exclusive five-year fixed rates at 75% loan-to-value will be introduced for purchase customers. A version with an £895 fee will launch at 4.09%, while a fee-saver alternative will be available at 4.22%. Meanwhile, the lender is trimming pricing on its 80% LTV exclusive two-year fixed products, with the £895 fee option falling by 0.05% to 4.24%, and the fee-saver version down 0.08% to 4.44%.

Shared ownership customers will also benefit, with selected fixed rates in this category reduced by up to 0.17%, starting from 4.25%.

Virgin Money is making further adjustments to its buy-to-let offering. Fixed rates with a 3% fee will be cut by up to 0.04%, with pricing from 3.29%, while options with a 1% fee will fall by as much as 0.12%, beginning at 4.12%. Products with a flat £2,195 fee will be reduced by up to 0.15%, starting from 4.14%, and selected 60% LTV two- and five-year fixed rates with a £995 fee will fall by up to 0.10%, starting from 4.29%.

For existing customers, Virgin Money is making cuts of up to 0.07% to selected two-, three- and five-year fixed rates at 65% and 75% LTV. In the buy-to-let transfer space, selected two-year rates will reduce by 0.05%, and five-year options by 0.10%.