Virgin Money has cut rates across its residential and buy-to-let ranges, with the latter seeing reductions of up to 89 basis points.

The headline reduction takes place on the 80 per cent LTV five-year fix with £995, where the rate is now 2.82 per cent.

For buy-to-let product transfers, the 80 per cent LTV two-year fix with £995 fee has been cut by 6 basis points to 3.59 per cent and the 80 per cent LTV five-year fix with £995 fee by 29 basis points to 3.59 per cent also.

Within Virgin Money’s new business exclusive range, the purchase-only 85 per cent LTV two-year fix has been cut by 10 basis points to 2.59 per cent and the 90 per cent LTV two-year fix has had 6 basis points removed, taking its rate to 3.23 per cent.

Both products charge a £995 fee and include £1,000 cashback.

In the core residential line up of products there have been nine rate cuts. Highlights include the 85 per cent LTV two-year fix having 16 basis points cut, giving a rate of 2.82 per cent and the 85 per cent LTV three-year fix being cut by 10 basis points to 3.03 per cent.

Meanwhile, the 85 per cent LTV five-year fix has had 10 basis points removed too, which gives a rate of 3.03 per cent.

All three products above are of the fee-saver variety.