Virgin Money has reduced the rates on some of its residential and buy-to-let mortgages.

Its intermediary exclusive purchase products with £1,000 cashback and a £995 fee have had rates cuts up to 0.14 per cent.

The 75 per cent loan to value (LTV) five-year fixed option has seen the largest reduction, down from 1.74 per cent to 1.60 per cent.

The two-year fix at 85 per cent LTV has been reduced from 2.59 per cent to 2.49 per cent. The five-year alternative at the same tier has been cut by 0.02 per cent to 2.77 per cent.

The buy-to-let two-year fixed product at 75 per cent LTV has been reduced by 0.07 per cent to 1.84 per cent. This has £1,000 cashback and a £1,995 fee.

The portfolio equivalent at the same lending tier also had a rate cut of 0.07 per cent to 1.94 per cent.

Across its core offering, the five-year fixed at 75 per cent LTV with a £995 fee has been reduced by 0.14 per cent to 1.54 per cent.

Two, three and five-year fixes at 85 per cent have also been reduced by up to five basis points.

Product transfers for owner-occupiers have been cut by as much as 0.14 per cent, while the core buy-to-let two-year fixed switching option at 85 per cent LTV has been cut by 0.23 per cent to 3.36 per cent.

The lender has also launched an 80 per cent LTV product for core buy-to-let borrowers. This is a two-year fixed priced at 3.36 per cent. This product has a £995 fee.

Product changes are effective from today.