Virgin Money has released a new product, exclusive to intermediaries, as well as having cut rates by up to 0.49 per cent across its resi and BTL offerings and pushing rates up in its product transfer range.

The new product is a 65 per cent LTV five-year fix for purchase and remortgage set at 1.42 per cent. It comes with a £1,495 fee.

In the lender’s core residential line up, the standout rate cut belongs to the 65 per cent LTV five-year ‘fee-saver’ product, which has been slashed by 0.49 per cent to leave it at 1.99 per cent.

In the core BTL range, the largest rate cut is at the 60 per cent LTV five-year fix with £1,995 fee, which has had a 0.25 per cent reduction, giving a rate of 1.98 per cent and the 75 per cent LTV five-year fix with £1,995 fee, which has also had a 0.25 per cent to leave its rate at 1.99 per cent.

Among the rate cuts in Virgin Money’s core BTL portfolio range, the most significant is the 60 per cent LTV five-year fix, having 0.25 per cent reduced to give 2.08 per cent, and the 75 per cent LTV five-year fix, where a 0.25 per cent leaves the rate at 2.09 per cent.

Both of the above products charge a £1,995 fee.

The lender’s core residential product transfer range has seen rate increases, meanwhile, with the 85 LTV three-year fix with £995 fee being the largest, with a 0.41 per cent jump taking it to 2.54 per cent.