Virgin Money has reduced rates on purchase and remortgage products by up to 0.25%, effective 3 October.

The lender will cut purchase rates on its 85% loan-to-value (LTV) two- and five-year rates by up to 0.25% and will now start from 4.19%.

It has also lowered rates on selected fix and switch rates by up to 0.23% to start from 4.70%.

The 85% and 90% LTV own new rates have also been cut by up to 0.17% to start from 1.66%.

Meanwhile, the remortgage fix and switch rates will be reduced by up to 0.10% to start from 4.75%.

The 85% LTV five-year fixed rate retrofit boost will also be lowered by 0.10% to start from 4.44%.