The products include a seven-year fixed rate at 75 per cent loan to value (LTV) with a rate of 1.89 per cent. There is also a 10-year fixed rate product at the same LTV with the same rate.

The 15-year fixed rate at 75 per cent LTV has a rate of 2.49 per cent. All of the above products come with a £995 fee and £1,000 cashback on purchase.

The mortgages replace a pair of 10-year fixed rates at 65 per cent LTV, both with and without fees, as well as a 10-year fixed rate fee-saver product at 90 per cent LTV.

Two 15-year fixed rate deals at 65 per cent LTV, one fee-free and one with a £995 fee, have also been removed.

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Virgin is also introducing £1,000 cashback on remortgage to replace free legals and the mortgages are portable.

The lender has also reduced its 10-year fixed rate fee-saver product at 95 per cent LTV by 0.2 per cent to 3.99 per cent.

Richard Walker (pictured), national sales manager at Virgin Money, said: “There’s a clear market for long-term fixed rates from borrowers who value that payment security. It’s well known that five-year fixes grew in popularity over the last decade.

“We also know that more borrowers are considering the benefits of stable payments over a longer term, especially as household budgets are under pressure and market rates may increase. Our new rates offer stability and come with added cashback.”