Virgin Money will reduce selected residential purchase and remortgage fixed rates while increasing some buy-to-let product transfer rates.

The lender will introduce the changes on Wednesday 19 August.

PURCHASE AND REMORTGAGE

Two-year fixed rates for residential purchases will fall by up to 0.09%, while five-year fixed rates will be reduced by up to 0.08%.

Shared ownership fixed rates will also be cut by up to 0.09%.

For remortgage customers, two-year fixed rates will decrease by up to 0.06% and five-year fixed rates by up to 0.10%.

BUY-TO-LET PRODUCT TRANSFERS

Virgin Money will raise selected two-year buy-to-let product transfer rates by up to 0.05%.

Selected three-year rates will increase by up to 0.10%, while selected five-year rates will rise by up to 0.08%.