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.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.