Virgin Money has launched new fixed-rate mortgages, while big lenders like Halifax and NatWest are slashing rates.

There’s a scramble in the mortgage market, with several lenders making big changes. This is excellent news for borrowers who could be in line for cheaper deals.

Virgin Money is tempting homebuyers and those looking to remortgage with new fixed-rate deals. These include five-year fixes, offering peace of mind during uncertain times. Here are some of the highlights:

• Five-year fix at 90% LTV: 5.19% with a £1,495 fee (for new purchases)
• Five-year fix at 80% LTV: 4.93% (fee saver deal)
• Five-year fix at 75% LTV: 4.85% (for remortgages)

Virgin Money is also offering attractive rates for landlords. Buy-to-let mortgages now start from 4.85% for a five-year fix at 60% LTV.

Other lenders are also cutting rates. Halifax, NatWest and BM Solutions have all announced reductions.

Halifax and NatWest are focusing on “product transfer rates”. This means they’re offering existing customers better deals to stay with them. However, these rates are “bespoke”, meaning you’ll need to contact the lender directly or speak to a mortgage broker to find out what’s available to you.

BM Solutions, meanwhile, is making buy-to-let and let-to-buy mortgages cheaper by cutting rates by up to 0.09%.

Fleet Mortgages is another lender making moves. It is reducing rates on its two and five-year fixed-rate mortgages. The lender is also launching three new deals specifically for landlords with Houses in Multiple Occupation (HMOs), with the option to pay a fee or choose a fee-free option.

What does this all mean for you?

This flurry of activity is a sign that lenders are competing for your business. Whether you’re buying a new home, remortgaging or looking for a buy-to-let mortgage, it’s a great time to shop around and compare deals.

Aaron Strutt, from mortgage broker Trinity Financial, explains: “Brokers are increasingly having to log into their clients’ accounts to check the rates they are being offered to stay. Existing customer deals are disappearing from product guides and sourcing systems as lenders move to more bespoke pricing to make it easier for them to retain customers based on their overall financial situation and repayment history.”

In other words, it’s more important than ever to speak to a mortgage expert who can help you navigate the market and find the best deal for your circumstances.