Virgin Money has renewed two of its cashback deals with lower rates. The lender has also cut rates elsewhere.

From 23 February, the lender will cut its 75 per cent LTV five-year fix by 5 basis points to give a rate of 1.74 per cent and, for its 85 per cent LTV two-year fix, a cut of 10 basis points will provide a rate of 2.69 per cent.

Both products are for purchase only, feature £1,000 cashback and charge a £995 fee.

In the lender’s core residential range, standout changes include the 65 per cent LTV two-year fix fee-saver being cut by 14 basis points to provide a rate of 2.06 per cent as well as the 75 per cent LTV two-year fix receiving the same basis point reduction, bringing the offering down to 2.09 per cent.

The 65 per cent LTV five-year fee-saver has had 31 basis points slashed, which gives the product a rate of 1.68 per cent.

Virgin’s shared ownership range has also seen cuts – the 90 per cent LTV give-year fix with £995 fee has had 27 basis points removed, giving a rate of 3.59 per cent and the 90 per cent LTV five-year fix fee saver sees a cut of 31 basis points, bringing the rate to 3.78 per cent.

As well as changes in new business, various product transfer offerings have been cut by up to 31 basis points