Virgin Money is set to implement a series of rate reductions across its residential mortgage range from Thursday 10 July, with changes affecting both purchase and remortgage products.

On the purchase side, the lender will reduce rates by up to 0.05% across selected exclusive fixed products.

The 75% LTV 5-year fixed exclusive will see a cut of up to 0.04%, with rates starting from 4.07%.

At 80% LTV, 2- and 5-year exclusive fixed rates will fall by up to 0.05%, beginning at 4.05%.

The 85% LTV 5-year fixed product with an £895 fee will be trimmed by 0.03% to 4.16%, while the 95% LTV 5-year fee-saver deal will be reduced by a more substantial 0.10%, now priced at 4.79%.

In the remortgage space, selected 2- and 5-year fixed rates will be lowered by up to 0.19%, with headline rates starting from 4.09%.

The changes follow a series of rate adjustments across the market in recent weeks, as lenders respond to shifting swap rates and growing expectations of a base rate cut later in the summer.