Virgin Money is cutting rates by up to 43 basis point on Friday.

The lender’s biggest reductions will be to its 85 per cent loan-to-value fixed rate deals.

Shared ownership rates will also be cut by up to 36 basis points.

The following Intermediary exclusive deals are reducing:

• For purchase at 65 per cent LTV five-year £1,495 fee reduced by 0.04 percentage points to 1.35 per cent
• For remortgage at 65 per cent LTV five-year £1,495 fee reduced by 0.10 percentage points to 1.29 per cent

Virgin is cutting rates on the following core residential deals:

• 65 per cent LTV two-year fee-saver reduced by 0.12 percentage points to 2.2 per cent
• 65 per cent LTV five-year £995 fee reduced by 0.06 percentage points to 1.39 per cent
• 75 per cent LTV two-year fee-saver reduced by 0.3 percentage points to 2.23 per cent
• 75 per cent LTV five-year £995 fee reduced by 0.25 percentage points to 1.88 per cent
• 85 per cent LTV two-year £995 fee reduced by 0.16 percentage points to 2.83 per cent
• 85 per cent LTV three-year £995 fee reduced by 0.15 percentage points to 2.94 per cent
• 85 per cent LTV five-year £995 fee reduced by 0.15 percentage points to 2.94 per cent
• 85 per cent LTV two-year fee-saver reduced by 0.4 percentage points to 3.24 per cent
• 85 per cent LTV three-year fee-saver reduced by 0.4 percentage points 3.29 per cent
• 85 per cent LTV five-year fee-saver reduced by 0.43 percentage points to 3.36 per cent

The following shared ownership are falling:

• 85 per cent LTV two-year £995 fee reduced by 0.36 percentage points to 2.83 per cent
• 85 per cent LTV five-year £995 fee reduced by 0.16 percentage points to 3.28 per cent
• 90 per cent LTV two-year £995 fee reduced by 0.10 percentage points to 3.29 per cent

Virgin is also reducing its product transfer deal at 65 per cent LTV five-year £995 fee reduced by 0.04 percentage points to 1.39 per cent

The lender is changing the incentives available on some deals.

It will offer cashback on selected purchase products instead of free valuations.