Virgin Money is cutting interest rates on number a number of its Northern Rock residential and buy-to-let mortgage range.

For example, its two-year residential fixed rate at 60% LTV is being cut by 0.10 percentage points to 2.79% with a £995 product fee. Up to 70% LTV, a buy-to-let fixed rate is being reduced by 0.16 percentage points to 2.99% with a £995 product fee, and by 0.20 percentage points to 3.35% with no product fee.

Certain tracker rates are also being cut, with a buy-to-let tracker up to 70% LTV being cut by 0.16 percentage points to 2.99% with a £995 product fee, and by 0.20 percentage points to 3.35% with no product fee.

A number of reductions are also being made to Virgin Money’s buy-to-let range. Included within the changes is the buy-to-let fixed rate product at 60% LTV (with a £1,995 product fee) which will reduce by 0.20 percentage points to 3.59%. A buy-to-let fixed rate up to 60% LTV with a 2.5% product fee will reduce by 0.36 percentage points to 3.49%. The equivalent product up to 70% LTV will reduce by 0.39 percentage points to 3.89%.

A five-year buy-to-let fixed rate with a 2.5% product fee will reduce by 0.30 percentage points to 4.19% (available up to 60% LTV), while the equivalent product with a £1,995 product fee will reduce by 0.20 percentage points to 4.39%.

The level of cashback available across all Virgin Money buy-to-let products will increase to £750 for a limited period.

“We are delighted to announce these rate reductions across our product range, once again demonstrating our commitment to support the mortgage market with new lending,” said Richard Tugwell (pictured), intermediary sales director at Virgin Money.

“The changes will help buy-to-let customers in particular, with both lower rates and increased cashback available.”