Virgin Money is set to implement a range of rate reductions across its residential and buy-to-let mortgage products from Tuesday 17 June.

Among the headline changes is the launch of two new exclusive five-year fixed rates for purchase. The first, available at 75% loan-to-value (LTV), comes with a £895 fee and is priced at 4.14%. A second, also with a £895 fee but aimed at borrowers at 85% LTV, will be introduced at 4.28%.

In addition to these new products, Virgin Money is making small downward adjustments to several existing fixed rates. The exclusive 80% LTV two-year fixed rate will fall by 0.10% to 4.19%, while the corresponding five-year option will be trimmed by 0.03% to 4.26%.

Fixed rates on shared ownership deals will also be cut, with reductions of up to 0.15%.

For remortgage customers, Virgin Money’s exclusive 75% LTV five-year fixed rate, which carries a £995 fee, will be reduced by 0.06%, also landing at 4.14%.

Buy-to-let customers will also benefit from a series of reductions across selected two and five-year fixed rates. Products with a £2,195 fee will be lowered by up to 0.10%, while those with a 3% fee will drop by as much as 0.05%.

The most significant reductions in this category apply to fixed rates with a 1% fee, which will be cut by up to 0.14%.