Virgin Money has cut a number of selected interest rates on its residential and buy-to-let mortgage range.

Selected residential two-year fixed rates have been reduced by 0.11 percentage points, with loans up to 60% LTV available at 2.68%, and up to 70% LTV at 2.88% (both with a £995 product fee).  The two-year tracker with a £995 product fee is also being reduced by 0.11 percentage points, to 2.88%.

Meanwhile, a five-year fix up to 70% LTV is reduced by 0.10 percentage points to 3.39%, with a £995 product fee.

A number of reductions are also being made to Virgin Money’s buy-to-let range including:

• A two-year fixed rate, up to 60% LTV, with a 2.5% product fee is reduced by 0.20 percentage points to 3.29%
• A two-year fixed rate, up to 60% LTV, with a £1,995 product fee is reduced by 0.10 percentage points to 3.49%, while the equivalent product without a product fee has been cut by 0.36 percentage points to 4.99%.
• A two-year fixed rate, up to 70% LTV, with a £1,995 product fee is reduced by 0.14 percentage points to 3.85%, and the equivalent product without a product fee has been cut by 0.20 percentage points to 5.55%.

The limited offer of £750 cashback across all Virgin Money buy-to-let products remains in place following this product update.

Anthony Mooney, director of mortgages and savings at Virgin Money, said: “Following the completion of the rebrand and in our first week of trading as Virgin Money plc, we are delighted to announce these rate reductions across our mortgage range. 

“Since the start of the year customers have opened over a million new accounts with Virgin Money, across our full range of products. We remain absolutely focused on providing straightforward, transparent and good value products and prioritising customer service to continue to grow the business.”