Virgin Money is cutting mortgage rates by up to 0.28% from today (29th August), offering some much-needed relief for homebuyers and landlords.

This means cheaper monthly payments for those looking to buy a new home or remortgage their existing property.

Here’s a breakdown of the best deals on offer:

For those buying a home with a 15% deposit (85% LTV):

• Two-year fixed-rate: 4.74% (down 0.20%) with a £995 fee and £300 cashback.
• Five-year fixed-rate: 4.34% (down 0.20%) with a £995 fee and £300 cashback.

For those buying a home with a 10% deposit (90% LTV):

• Five-year fixed-rate: 4.59% (down 0.17%) with a £995 fee and £300 cashback.
• Five-year fixed-rate: 4.72% (down 0.28%) with no fee and £300 cashback.

Looking for a bigger deposit deal?

• Five-year fixed-rate for 80% LTV: 4.22% (down 0.10%) with an £895 fee and £300 cashback.

Virgin Money hasn’t forgotten first-time buyers either:

• Five-year fixed-rate for 95% LTV: 5.14% (down 0.18%) with no fee and £300 cashback.

There are also savings to be made for those buying a shared ownership or new build property:

• Shared ownership rates: Reduced by up to 0.24%, with rates starting from 4.29%.
• New build rates: Reduced by up to 0.20%, with rates starting from 0.45%.

Landlords haven’t been left out either, with cuts to Buy-to-Let mortgages:

• BTL rates with a £2,195 fee: Reduced by up to 0.14%, with rates starting from 4.17%.
• BTL rates with a £995 fee: Reduced by up to 0.12%, with rates starting from 4.44%.

And if you’re an existing Virgin Money customer looking to remortgage:

• Product transfer rates for 65% and 75% LTV: Reduced by up to 0.15%, with rates starting from 3.94%.

These rate cuts could save you hundreds of pounds a year on your mortgage repayments, so it’s worth checking if you’re eligible.