Virgin Money has made a reductions to its residential mortgage range and also introduced up to £500 cashback across selected purchase mortgages.

The lender is also removing free valuations on all purchase products.

The rate reductions are as follows:

Intermediary Exclusive Purchase:

• 65% LTV 5 Year £1,495 fee reduced by 0.04 basis points to 1.35%

Intermediary Exclusive Remortgage:

• 65% LTV 5 Year £1,495 fee reduced by 0.10 bps to 1.29%

Core Residential:

• 65% LTV 2 Year fee-saver reduced by 0.12 bps to 2.20%
• 65% LTV 5 Year £995 fee reduced by 0.06 bps to 1.39%
• 75% LTV 2 Year fee-saver reduced by 0.30 bps to 2.23%
• 75% LTV 5 Year £995 fee reduced by 0.25 bps to 1.88%
• 85% LTV 2 Year £995 fee reduced by 0.16 bps to 2.83%
• 85% LTV 3 Year £995 fee reduced by 0.15 bps to 2.94%
• 85% LTV 5 Year £995 fee reduced by 0.15 bps to 2.94%
• 85% LTV 2 Year fee-saver reduced by 0.40 bps to 3.24%
• 85% LTV 3 Year fee-saver reduced by 0.40 bps to 3.29%
• 85% LTV 5 Year fee-saver reduced by 0.43 bps to 3.36%

Shared Ownership:

• 85% LTV 2 Year £995 fee reduced by 0.36 bps to 2.83%
• 85% LTV 5 Year £995 fee reduced by 0.16 bps to 3.28%
• 90% LTV 2 Year £995 fee reduced by 0.10 bps to 3.29%

Mortgage Review (Product Transfer):

• 65% LTV 5 Year £995 fee reduced by 0.04 bps to 1.39%