Virgin Money is lowering rates on a number of its lower LTV deals.

Specifically, the broker-exclusive 65 per cent LTV five-year fix with £995 fee will be cut to 1.39 per cent. This also comes with £500 cashback and, for borrowers remortgaging, free valuation.

Meanwhile, in the core range, the lender’s 65 per cent LTV five-year fix with £995 fee will be cut to 1.39 per cent too.

Borrowers looking to purchase will enjoy a free valuation and remortgagers a free valuation and free legals.

On the buy-to-let side, the 75 per cent LTV two- and three-year fixes with £1,995 will now be set at 1.64 per cent and the 75 per cent LTV five-year fix with £995 fee, 2.14 per cent.

Portfolio landlords will also see cuts – the 75 per cent LTV two-year fix with £1,995 to 1.74 per cent and the 75 per cent LTV five-year fix, with £995 fee, to 2.24 per cent.

Yesterday, 16 July, Virgin Money announced that it was increasing rates on a number of its higher-LTV deals alongside the return of its service guarantee.