The lender has lowered its two-year fixed rate offering by 0.10% to 2.79%, available up to 60% loan to value (LTV) with a £995 product fee.

For loans up to 70% LTV, the same product is now available at 2.99%, a reduction of 0.16% on its previous level.

Several tracker rates have also been lowered, with a 70% LTV two-year product falling to 2.99% for customers paying a £995 product fee and 3.35% for those choosing the fee-free option.

Virgin has also reduced rates across its buy-to-let range, with its two-year fixed rate mortgage lowered by 0.36% to 3.49%, available up to 60% LTV with a 2.5% product fee. For the same deal with a flat £1,995 product fee, the rate has been trimmed to 3.59%.

Its five-year fix with a 2.5% product fee has is now 4.19%, down 0.30%, with the £1,995 product fee option lowered 0.20% to 4.39%. Both are available up to 60% LTV. The lender is also offering £750 cashback on its buy-to-let range for a limited period.

Richard Tugwell, intermediary sales director at Virgin Money, said: “We are delighted to announce these rate reductions across our product range, once again demonstrating our commitment to support the mortgage market with new lending.

“The changes will help buy to let customers in particular, with both lower rates and increased cashback available.”