Virgin Money has become the first lender to launch a sub-4% fixed rate at 75% LTV.
While other lenders have launched sub-4% rates at 60% or 65% LTV, Virgin is introducing a five-year fixed rate at 3.99%, available up to 75% LTV with £300 cashback.
The new product launch comes as Virgin reduces rates in its purchase and remortgage ranges by up to 0.29%.
Alongside the sub-4% rate, products in the purchase range with £300 cashback include two-year fixed rates at 65-75% LTV at 4.43%.
Two-year fee-saver products up to 75% LTV now start from 4.68% while five-year fixes are available from 4.14%.
In Virgin's exclusive purchase range, at 80% LTV two-year fixed rates have reduced to 4.71% with a £895 fee or 4.93% fee-free, while five-year fixes are down to 4.32% and 4.44% respectively.
Rates in Virgin's exclusive remortgage range with a £995 fee now start from 4.06% for five-year fixed rates and 4.40% for two-year fixes.
Selected core remortgage rates have also reduced by up to 0.20%, with rates starting from 4.12%.
Core buy-to-let fixed rates are decreasing by up to 0.10%, with rates starting from 4.60%.
Product transfer rates are reducing by up to 0.23%, with residential rates now starting from 4.01% and buy-to-let rates from 4.29%.
Elsewhere in Virgin's range, selected Own New rate reducer products have reduced by up to 0.29%, with rates now starting from 0.45%. The products offer reduced mortgage rates for new build customers by investing homebuilder incentive budgets into the mortgage upfront, typically up to 5% of the property purchase price.
Retrofit Boost product rates are down by up to 0.21% and £1m+ rates have decreased by up to 0.24%.
