The rate reductions apply to both residential and buy-to-let mortgages.
From today, Friday 5 June, the lender will offer a two-year fix at 2.34%. This is available for borrowers with a 15% deposit.
For those looking to lock in longer, a three-year fix at 2.79% and a five-year fix at 3.25% are also available.
In the buy-to-let range, selected products have been reduced by 0.10%. This includes a two-year fix at 60% loan-to-value (LTV), now available at 2.29%.
The equivalent two-year tracker rate is on offer at 2.49%. For those using a mortgage broker, an exclusive 65% LTV two-year fixed rate has been reduced to 1.49%, with the product fee cut from £1,495 to £995.
Peter Rogerson, Virgin Money’s commercial director for mortgages, said the firm was looking to attract borrowers from across the market.
“The rate reductions we have announced support both residential and buy-to-let customers, ensuring that we continue to offer attractive options to borrowers across the market,” he said.
“The two-year residential fixed rate we have available exclusively through our intermediary partners has been popular, so with the new lower rate, reduced product fee and no application fee, we expect demand for this product to be strong.”
Elsewhere, Chelsea Building Society has jumped ahead of the pack with a 0.98% base rate tracker, confirmed as the lowest rate available on the market today.
The two-year, 65% LTV mortgage comes attached to a £1,545 fee and tracks Bank Base Rate + 0.48%.