Virgin Money has cut the interest rates on a selection of its fixed rate mortgage products by up to 0.16 percentage points.

Two-year fixed rates are available from 3.45% for both purchase and remortgage customers, while five-year fixed rates start from 3.99%.

The lender is continuing to offer its cashback incentive on a number of purchase products. For customers remortgaging from another lender, free standard legal services and a free basic valuation are also available for residential customers.

Meanwhile, the buy-to-let range still offers a cashback incentive of £500 on completion, in order to help customers cover the costs associated with managing their portfolio.

The new mortgage products are offered by Northern Rock plc and are available through registered mortgage intermediaries, the Northern Rock branch network and online.