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Virgin launches first 7 and 10-year mortgages

  • 25/05/2018
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Virgin launches first 7 and 10-year mortgages
Virgin Money has launched a range of seven and ten-year fixed rate residential mortgages.

The products are available for house purchase, remortgage and product transfer, with remortgage customers also benefiting from a free valuation and free legal work. Selected purchase products also include cashback of up to £300.

The products are available from Friday 25 May 2018.

The bank is offering a seven-year fix at 65% loan to value (LTV) at 2.37% with a £995 product fee and a ten-year fix at 90% LTV at 3.25% with the same fee.

The products are portable and allow 10% capital repayments per year without charge.

Andrew Asaam, director of mortgages at Virgin Money, said: “We’re delighted to launch our new long term fixed rate mortgages. We have seen an increased appetite from customers wanting the opportunity to future-proof their mortgage repayments.

“With interest rates still relatively low we’re offering homeowners the peace of mind of low mortgage payments for the next seven to ten years.”

The deal would value the combined entity at around £1.6bn, with a little over 5% of the UK mortgage market.

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