Virgin Money has cut rates on a range of purchase, remortgage and landlord exclusives, as well as other deals, by up to 36 basis points.  

The lender has also updated its cladding policy.  

Highlights of its reductions include:  

Purchase exclusives  

• 85% loan to value and 90% LTV two- and five-year fixed-rate deals, with a £1,295 fee, down by up to 10bps, starting at 4.58%  

Remortgage exclusives with 1% fee  

• 70% LTV two-year Fixes, with a 1% fee, down by 20bps at 4.69%  

Buy-to-let exclusives  

• Five-year fixes, with a 1% fee, down by up to 32bps, starting at 4.74%  
• Five-year fixes, with a 3% fee, down by up to 22bps, starting from 4.44%  

Further reductions  

• Purchase and remortgage core fixes, down by up to 36bps, starting from 4.54%.  
• Residential and BTL product transfer fixes, down by up to 30bps, starting from 4.66%  

The lender adds that it has updated its External Wall System cladding policy.  

It will now consider cases with an EWS1 form with ratings at A3 or B2 — this rating had previously meant that a property would have been declined where affected by cladding and remediation is required.